El texto completo de esta guía está en inglés; el resumen anterior está en su idioma. Los resúmenes de las leyes y el inglés siguen siendo la fuente de referencia.
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Accepting the office
A person named as trustee becomes trustee by accepting. 760 ILCS 3/701 provides that acceptance happens by substantially complying with a method of acceptance the trust instrument provides or — where the instrument provides none, or its method is not expressly exclusive — by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance. A designated trustee who does not accept within 120 days after receiving notice of the designation is deemed to have declined.
Before accepting, a designee may act to preserve the trust property if a declination is sent within those 120 days, and may inspect or investigate the property (760 ILCS 3/701(c)). A successor trustee has the predecessor's rights, powers and duties, is under no duty to inquire into the predecessor's acts and is not liable for them (760 ILCS 3/812).
The duties that apply from the first day
760 ILCS 3/801 provides that, on accepting, a trustee administers the trust in good faith, in accordance with its purposes and the terms of the trust, and in accordance with the Illinois Trust Code. The duties that follow each have their own section: loyalty (760 ILCS 3/802), impartiality (760 ILCS 3/803), prudent administration (760 ILCS 3/804), taking control of and protecting the property, including a search for unclaimed property (760 ILCS 3/809), and keeping adequate records with trust property kept separate (760 ILCS 3/810).
Two notices, each with 90 days
Illinois's trust code provides two notices to the qualified beneficiaries. Within 90 days of the trust becoming irrevocable — or, if no trustee was then acting, of the trustee's acceptance — the trustee notifies each qualified beneficiary of the trust's existence, of the right to request a complete copy of the trust instrument (or only the portions that concern the beneficiary, where the instrument so provides), and of whether the beneficiary has a right to receive or request trust accountings (760 ILCS 3/813.1(b)(1)). Within 90 days after accepting, the trustee notifies them of the acceptance and of the trustee's name, address and telephone number (760 ILCS 3/813.1(d)(1)(A)).
A qualified beneficiary is each current beneficiary and each presumptive remainder beneficiary (760 ILCS 3/103). Who that is depends on the trust's own terms and on the date.
The estate beside the trust
A revocable trust rarely holds everything. Property left outside it passes by beneficiary designation, by joint ownership with survivorship, under a transfer on death instrument, or through the probate estate, whose representative publishes a notice to creditors and mails it to the known creditors (755 ILCS 5/18-3).
The estate's needs can reach the trust: the property of a trust that was revocable at the settlor's death answers for the settlor's creditors' claims, the costs of administering the estate, the funeral expenses and the spouse's and children's awards to the extent the probate estate is inadequate (760 ILCS 3/505(a)(5)). Every claim against the settlor is barred two years after the death whether or not an estate is opened (755 ILCS 5/18-12).
Las leyes, textualmente
Creditor's claim against settlor
760 ILCS 3/505 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Accepting or declining trusteeship
760 ILCS 3/701 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Duty to administer trust
760 ILCS 3/801 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code
760 ILCS 3/813.1 ↗Explicación clara y sencilla; el texto literal del estatuto aún no está atestiguado en nuestra biblioteca. Consulte el estatuto oficial en el enlace de arriba.
Preguntas frecuentes
How does an Illinois successor trustee accept the office?
By substantially complying with the method of acceptance the trust instrument provides or, where it provides none or its method is not expressly exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee (760 ILCS 3/701(a)).
Does an Illinois trustee have to notify anyone when the settlor dies?
Illinois's trust code provides for a notice to each qualified beneficiary within 90 days of the trust becoming irrevocable, of its existence and the beneficiary's rights (760 ILCS 3/813.1(b)(1)), beside the notice within 90 days after accepting (760 ILCS 3/813.1(d)(1)(A)).
Where do an Illinois trustee's duties come from?
From the trust's own terms and the Illinois Trust Code (760 ILCS 3/801 through 760 ILCS 3/817); the terms prevail except where the Code's mandatory rules apply (760 ILCS 3/105).
Lecturas relacionadas
El Centro de Aprendizaje es información general sobre la ley de Illinois — no es asesoría legal ni sustituye el consejo de un abogado de Illinois con licencia sobre sus hechos específicos. TrusteeClear es software, no un bufete.