Términos de fideicomisos de Illinois, definidos

Revisado contra los Estatutos de Illinois el 2026-10-11. Información general, no asesoría legal; el texto oficial prevalece.

Illinois Trust Code

Illinois's enactment of the Uniform Trust Code in the uniform numbering (760 ILCS 3/101 et seq.), in effect since January 1, 2020, which replaced the Trusts and Trustees Act. A trust's terms prevail over it except for the mandatory rules 760 ILCS 3/105 lists — among them, for a trust that became irrevocable after January 1, 2020, the notice of the trust's existence and the accountings to the current beneficiaries and the residue's takers.

Probate Act of 1975

Illinois's code of decedents' estates (755 ILCS 5): descent and distribution, the spouse's renunciation, wills, the admission of wills and letters of office, claims against estates, the spouse's and child's awards, accounts, small estates and independent administration.

Circuit court

The court with jurisdiction over a trust's administration; a trust is not subject to continuing judicial supervision unless the court orders it (760 ILCS 3/201). Venue is the county of the trust's principal place of administration (760 ILCS 3/204); in Cook County the Probate Division of the Circuit Court hears trust and estate matters.

Settlor

A person, including a testator, who creates or contributes property to a trust (760 ILCS 3/103). While a trust is revocable and the settlor has capacity to revoke it, the trustee's duties are owed exclusively to the settlor; while the settlor lacks that capacity, to the settlor and the current beneficiaries (760 ILCS 3/603).

Trustee

The person who holds and administers the trust property. On accepting, a trustee administers the trust in good faith, in accordance with its purposes and terms and in accordance with the Illinois Trust Code (760 ILCS 3/801). Guía: Deberes del fideicomisario sucesor en Illinois tras una muerte

Successor trustee

The trustee who takes over when a trustee declines, resigns, is removed, dies or becomes incapacitated. A vacancy that must be filled is filled by the person the trust instrument designates, then by a person a majority of the income distributees appoint, then by the court (760 ILCS 3/704); a successor has the predecessor's rights, powers and duties and no duty to inquire into the predecessor's acts (760 ILCS 3/812). Guía: Fiduciario sucesor en Illinois: aceptar el cargo

Acceptance of the trusteeship

How a designated trustee becomes trustee: by substantially complying with the trust's method of acceptance or, where none is exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance; one who does not accept within 120 days after receiving notice of the designation is deemed to have declined (760 ILCS 3/701). The 90-day acceptance notice runs from it (760 ILCS 3/813.1).

Letters of trusteeship

The Illinois Trust Code provides none for the trustee of a living trust: a trust is administered without continuing court supervision unless the court orders it (760 ILCS 3/201). An institution usually asks for a certification of trust instead (760 ILCS 3/1013).

Beneficiary

A person who has a present or future beneficial interest in a trust, vested or contingent, or who holds a power of appointment over trust property in a capacity other than trustee (760 ILCS 3/103).

Current beneficiary

A beneficiary who on the date of determination is a distributee or permissible distributee of trust income or principal (760 ILCS 3/103). The annual trust accounting goes to all current beneficiaries (760 ILCS 3/813.1).

Presumptive remainder beneficiary

A beneficiary who would be a distributee or permissible distributee of income or principal if the trust, or every interest preceding the beneficiary's, terminated on the date of determination (760 ILCS 3/103). The annual trust accounting goes to all presumptive remainder beneficiaries as well (760 ILCS 3/813.1).

Qualified beneficiary

Each current beneficiary and each presumptive remainder beneficiary (760 ILCS 3/103). Illinois's 90-day notices — of the trust's existence and the beneficiary's rights, and of the trustee's acceptance — go to this group (760 ILCS 3/813.1).

Revocable trust

A trust the settlor may revoke. The settlor may revoke only if the trust instrument expressly provides that the trust is revocable or that the settlor has an unrestricted power of amendment, and may amend only if it expressly provides that the trust is revocable or amendable (760 ILCS 3/602); the capacity required is that of making a will (760 ILCS 3/601). Guía: El fideicomiso revocable en vida de Illinois, explicado

Irrevocable trust

A trust that can no longer be revoked — by its terms or because the settlor has died. Within 90 days of a trust becoming irrevocable, the trustee notifies each qualified beneficiary of its existence and the beneficiary's rights (760 ILCS 3/813.1). Guía: El fideicomiso irrevocable de Illinois, explicado

Notice of the trust's existence

The notice a trustee gives each qualified beneficiary within 90 days of the trust becoming irrevocable (or, if no trustee was then acting, of the trustee's acceptance): the trust's existence, the right to request a complete copy of the trust instrument — or the portions that set forth the beneficiary's interest, where the instrument so provides — and whether the beneficiary has a right to receive or request trust accountings (760 ILCS 3/813.1(b)(1)). Later knowledge of a new qualified beneficiary or an unnotified representative starts its own 90 days.

Notice of acceptance

The notice a trustee gives each qualified beneficiary within 90 days after accepting the trusteeship: the acceptance and the trustee's name, address and telephone number (760 ILCS 3/813.1(d)(1)(A)). The same subsection provides advance notice of a change in the trustee's compensation and notice of the trustee's resignation, and 90-day notices of another trustee's departure and of the trustee's own contact changes.

Trust accounting

One or more written communications for an accounting year that describe the trust property, liabilities, receipts and disbursements, including the trustee's compensation; the value of the assets on hand at the close of the period, to the extent feasible; and all other material facts of the administration (760 ILCS 3/103). A trustee sends one at least annually to all current beneficiaries and all presumptive remainder beneficiaries, and on termination to the residue's takers (760 ILCS 3/813.1). Guía: Requisitos de contabilidad de fideicomisos en Illinois

Waiver of accountings

A qualified beneficiary may waive the right to receive the information section 813.1 requires, such as a trust accounting, by a writing delivered to the trustee, and may withdraw the waiver by a later writing for future accountings (760 ILCS 3/813.1(g)).

Pre-2020 accounting rules

For a trust that became irrevocable, with a trustee already acting, before January 1, 2020, the trustee furnishes a current account at least annually to the beneficiaries entitled to or receiving the income, and a final account on termination to those entitled to distribution (760 ILCS 3/813.2); a current or final account under that section binds unless an action is brought within 3 years (760 ILCS 3/1005).

Certification of trust

A statement a trustee may furnish a person other than a beneficiary instead of the trust instrument: the trust's existence and the instrument's date, the settlor, the acting trustee and address, the trustee's powers, revocability and amendability and who may revoke or amend, the co-trustees' signing authority, the taxpayer identification number and the manner of taking title; signed by one or more trustees, with an acknowledgment where the recipient requires it (760 ILCS 3/1013). A person who relies on it in good faith is protected. Guía: Fiduciario sucesor en Illinois: aceptar el cargo

Designated representative

An individual the trust instrument nominates, or a non-trustee the instrument authorizes to designate, who may represent and bind a qualified beneficiary for notices and accountings — not a current beneficiary who is 30 or older and not incapacitated — and who is a fiduciary acting in good faith in the represented beneficiary's best interest (760 ILCS 3/307).

Duty of loyalty

A transaction involving trust property that the trustee enters for the trustee's own account, or that is affected by a conflict between the trustee's fiduciary and personal interests, is voidable by an affected beneficiary unless an exception the statute states applies; a transaction with the trustee's spouse, descendants, siblings or parents, or an enterprise the trustee has an interest in, is presumed conflicted (760 ILCS 3/802). Guía: Deberes del fideicomisario sucesor en Illinois tras una muerte

Prudent administration

A trustee administers the trust as a prudent person would, considering its purposes, terms, distribution requirements and other circumstances, with reasonable care, skill and caution (760 ILCS 3/804), incurring only costs reasonable in relation to the property and the purposes (760 ILCS 3/805).

Illinois Prudent Investor Law

Article 9 of the Illinois Trust Code: a trustee invests and manages trust assets as a prudent investor would, in the context of the portfolio as a whole and an overall strategy with suitable risk and return objectives (760 ILCS 3/902), reviews the assets within a reasonable time after accepting (760 ILCS 3/904), and is judged by conduct, not by resulting performance (760 ILCS 3/908); the instrument may alter the rule (760 ILCS 3/901).

Impartiality

Where a trust has two or more beneficiaries, the trustee acts impartially in investing, managing and distributing the property, giving due regard to their respective interests and treating them equitably in light of the trust's purposes and terms (760 ILCS 3/803).

Delegation

A trustee may delegate duties and powers a prudent trustee of comparable skills could properly delegate, with reasonable care in selecting the agent, setting the scope and terms and reviewing the agent's performance (760 ILCS 3/807); before delegating an investment function the trustee inquires into the agent's experience, performance history, licensing and financial stability (760 ILCS 3/909).

Co-trustees

Trustees serving together who, when they cannot reach a unanimous decision, may act by majority after prior written notice to, or written waiver by, each other co-trustee; each participates unless unavailable or a function was delegated, and each exercises reasonable care to prevent and redress a co-trustee's serious breach (760 ILCS 3/703).

Directing party

An investment trust advisor, a distribution trust advisor or a trust protector whom the trust instrument gives a power to direct the trustee; a directing party is a fiduciary with a trustee's duties and standards, keeps the excluded fiduciary informed, and gives the qualified beneficiaries its own 90-day notices (760 ILCS 3/808).

Excluded fiduciary

A trustee who acts in accordance with a directing party's direction, has no duty to monitor, review, inquire, investigate, recommend, evaluate or warn about the directing party's exercise or non-exercise, and is not liable for a loss from following the direction except for the excluded fiduciary's own willful misconduct (760 ILCS 3/808(f)).

Trustee compensation

What the trust instrument specifies or, if it is silent, compensation that is reasonable under the circumstances; a court may raise or lower a specified amount where the duties are substantially different from those contemplated or the amount would be unreasonably low or high (760 ILCS 3/708). The trustee tells the qualified beneficiaries in advance of any change in the rate or method (760 ILCS 3/813.1(d)(1)(B)). Guía: Remuneración del fiduciario en Illinois (760 ILCS 3/708)

Spendthrift provision

A term valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest; a creditor or assignee may not then reach the interest or a distribution before the beneficiary receives it (760 ILCS 3/502), with exceptions for a child's, spouse's or former spouse's support order, a creditor who protected the beneficiary's interest, and a claim of the State or the United States (760 ILCS 3/503).

Discretionary distribution

A distribution left to the trustee's discretion; a beneficiary's creditor may not compel it or attach present or future discretionary distributions, whether or not the trust has a spendthrift provision and whether or not the beneficiary is the trustee (760 ILCS 3/504), and a mandatory distribution the trustee has not made within a reasonable time after its date may be reached (760 ILCS 3/506).

Trust for a beneficiary with a disability

A discretionary trust for an individual with a substantial disability, not liable to reimburse the State or a public agency for financial aid or services to the individual except in the circumstances the statute states (760 ILCS 3/509).

Nonjudicial settlement agreement

A binding agreement among interested persons on the matters the statute lists — the terms' interpretation, approval of an accounting, a trustee's powers, appointment and compensation, transfer of the place of administration and disputes — with 60 days' written notice to the Attorney General where the trust has a charitable interest; termination needs the court's approval (760 ILCS 3/111).

Decanting

An authorized fiduciary's distribution of a trust's property to a second trust under the Trust Decanting Law, after notice in a record not later than 60 days before the exercise to the living settlors, the qualified beneficiaries, the other fiduciaries and, where there is a charitable interest, the Attorney General (760 ILCS 3/1207).

Total return trust

A trust converted to be managed for total return without regard to whether it is income or appreciation (760 ILCS 3/1101); a trustee may convert after written notice to all qualified beneficiaries if none objects in writing within 60 days (760 ILCS 3/1102).

Contest period

A trust that was revocable at the settlor's death may be contested within the earlier of 2 years after the death and either the time to contest the settlor's probated will or 6 months after the trustee sends the person a copy of the instrument with a notice of the trust's existence, the trustee's name and address and the 6-month period (760 ILCS 3/604(a)).

Nine months after the death

After a settlor's death, nine months later the trustee may distribute under the instrument without liability for doing so unless a contest is pending or a potential contestant's notice is followed by a proceeding within 60 days (760 ILCS 3/604(b)); and a trustee who distributes nine months or later after the death, without a personal representative's written insufficiency notice, is released from liability for the settlor's creditors as to what was distributed (760 ILCS 3/505(a)(6)).

Limitation period (claims against a trustee)

For a trust irrevocable, or a trustee who accepted, after January 1, 2020, a matter adequately disclosed in a trust accounting or other writing binds unless an action is brought within 2 years after it was furnished; under the older regime, 3 years after a current or final account; otherwise 5 years after the trustee leaves office, the beneficiary's interest ends or the trust ends (760 ILCS 3/1005).

Claims against the estate

After a death, the personal representative publishes a notice to creditors and mails it to known creditors, with a claims date not less than 6 months from the first publication or 3 months from the mailing (755 ILCS 5/18-3); every claim not barred sooner is barred 2 years after the death, whether or not letters are issued (755 ILCS 5/18-12). The Illinois Trust Code gives the trustee of a living trust no creditor notice to publish.

The trust's liability for the settlor's estate

The property of a trust that was revocable at the settlor's death is subject to 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; a claim barred against the personal representative is barred against the trust (760 ILCS 3/505(a)(5)).

Estate of homestead

An individual's exemption of $50,000 of value in the residence occupied as a homestead from the collection of a judgment and from the laws of conveyance, descent and legacy — $100,000 in all for two or more owners (735 ILCS 5/12-901, as amended from January 1, 2026). It is an exemption, not a restriction on devising a home. Guía: La vivienda tras un fallecimiento en Illinois

Surviving spouse's award

A sum of money the court deems reasonable for the surviving spouse's proper support for 9 months after the death, in the manner suited to the spouse's condition in life and the estate's condition — not less than $20,000, plus not less than $10,000 for each minor or dependent child residing with the spouse — exempt from creditors' process and paid in up to three installments (755 ILCS 5/15-1). A child's award follows where there is no spouse or a child did not reside with the spouse (755 ILCS 5/15-2).

Renunciation of the will

A surviving spouse's right to renounce the testator's will by a signed instrument filed within 7 months after the will's admission to probate, and take one-third of the estate after payment of claims if the testator leaves a descendant, or one-half if none (755 ILCS 5/2-8). Illinois abolished dower (755 ILCS 5/2-9).

Per stirpes

The division the Probate Act uses for an intestate estate passing to descendants — one share for each child living or deceased with descendants living, a deceased child's share passing to that child's descendants (755 ILCS 5/2-1) — and the division the Illinois Trust Code gives a living trust's gift to a descendant of the settlor who dies before the gift takes effect (760 ILCS 3/114). Neither act defines the term; a trust's own words control. Guía: Calculadora per stirpes para fideicomisarios de Illinois

Small estate affidavit

The affidavit, in the statutory form, on which a person holding a decedent's personal estate pays or delivers it to the persons the affidavit names when the personal estate — excluding motor vehicles registered with the Secretary of State — does not exceed $150,000 and no letters are outstanding or contemplated; the affiant pays the valid claims in their statutory order first and indemnifies those who rely on it (755 ILCS 5/25-1). Guía: La sucesión en Illinois, explicada

Summary administration

Distribution of a decedent's estate by court order without letters where the gross estate subject to administration in Illinois does not exceed $100,000 and the section's other conditions are met — among them every heir's and legatee's written consent and each distributee's bond to refund (755 ILCS 5/9-8).

Personal representative (executor or administrator)

The person to whom the court issues letters of office to administer a decedent's probate estate, in the order of preference the Probate Act sets (755 ILCS 5/9-3). The representative publishes and mails the notice to creditors (755 ILCS 5/18-3) and files an inventory within 60 days after the letters (755 ILCS 5/14-1). Guía: La sucesión en Illinois, explicada

Independent administration

Administration of a decedent's estate without court supervision of each step: the independent representative serves the inventory on the interested persons rather than filing it (755 ILCS 5/28-6) and closes the estate by a verified report, which discharges the representative if no objection is filed within 42 days (755 ILCS 5/28-11).

Power of attorney for health care

The Illinois statutory short form by which a principal appoints an agent to make health care decisions, signed by the principal and one witness; no notary is required (755 ILCS 45/4-10). The agent may certify the power's validity on request (755 ILCS 45/2-8). Guía: Poderes notariales y directivas anticipadas en Illinois

Living will (declaration)

A declaration under the Illinois Living Will Act, signed by the declarant and two witnesses 18 or older, directing that death-delaying procedures be withheld or withdrawn in a terminal condition (755 ILCS 35/3); where the declarant has a health care agent with authority over the matter, the agent's decision controls (755 ILCS 35/3.5).

Health care surrogate

The person who may decide for a patient without decisional capacity and without an applicable advance directive, in the order of priority the Health Care Surrogate Act sets — a guardian of the person, the spouse, an adult child, a parent, an adult sibling and so on (755 ILCS 40/25).

Attested will

An Illinois will is in writing, signed by the testator (or by some person in the testator's presence and by the testator's direction) and attested in the testator's presence by two or more credible witnesses (755 ILCS 5/4-3); the testator must be 18 and of sound mind and memory (755 ILCS 5/4-1). Illinois gives no effect to an unwitnessed handwritten will. An attestation clause or the witnesses' affidavit proves the will (755 ILCS 5/6-4).

Electronic will

A will created, signed and attested electronically under the Electronic Wills, Electronic Estate Planning Documents, and Remote Witnesses Act, which is valid as a will if it meets the Probate Act's requirements as the Act adapts them (755 ILCS 6/5-5).

Transfer on death instrument

An instrument by which an owner transfers residential real estate to one or more beneficiaries effective at the owner's death, executed with the formalities of a will, recorded before the death, and revocable until then (755 ILCS 27/20, 755 ILCS 27/40); the beneficiary accepts by a notice of death affidavit recorded after the death (755 ILCS 27/75).

Illinois estate tax

The Illinois estate and generation-skipping transfer tax on estates whose gross value plus adjusted taxable gifts exceeds the exclusion amount — $4,000,000 for deaths on or after January 1, 2013 (35 ILCS 405/2); the return is filed with the Attorney General and the tax paid to the State Treasurer by the federal due date (35 ILCS 405/6).

Governing law and principal place of administration

A trust's meaning and effect are determined by the law the instrument designates or, absent one, the law of the jurisdiction with the most significant relationship to the matter (760 ILCS 3/107); a trustee may transfer the principal place of administration after notice to the qualified beneficiaries not less than 60 days before, who may object (760 ILCS 3/108).

Unclaimed property (the trustee's search)

Taking control of the trust property includes searching for and, if practicable, claiming any unclaimed property (760 ILCS 3/809), and before a trust terminates the trustee conducts a reasonable search for trust property reported and remitted to a state unclaimed-property administrator (760 ILCS 3/810(f)) — both as amended by P.A. 104-116 from January 1, 2026.

Records after termination

A trustee maintains a copy of the governing trust instrument in force at the trust's termination for a minimum of 7 years after the termination (760 ILCS 3/810(e)).