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Acting by majority, and participating
760 ILCS 3/703 provides that co-trustees who cannot reach a unanimous decision may act by majority decision after prior written notice to, or written waiver of notice by, each other co-trustee. Each co-trustee participates in the trustees' functions unless unavailable because of absence, illness, disqualification or other temporary incapacity, or the function was properly delegated to another trustee. Where prompt action is needed to avoid injury to the trust property and a co-trustee is unavailable, the remaining co-trustee or a majority of the remaining co-trustees may act.
Delegation between co-trustees
A trustee may delegate to a co-trustee the performance of a function, subject to the duties of 760 ILCS 3/807 (760 ILCS 3/703(e)). A trustee who does not join in an action is not liable for it; but each trustee exercises reasonable care to prevent a co-trustee from committing a serious breach of trust and to compel a co-trustee to redress one (760 ILCS 3/703(g)).
Dissent and liability
A dissenting trustee who, after written notice of the dissent to a co-trustee, joins in an action at the direction of the majority is not liable for the action unless it is a serious breach of trust (760 ILCS 3/703(h)).
Directed trusts, the vacancy and the certification of trust
Where the instrument names an investment trust advisor, a distribution trust advisor or a trust protector, that directing party is a fiduciary and the excluded fiduciary follows its direction without a duty to monitor it (760 ILCS 3/808). A vacancy need not be filled while a co-trustee remains unless the administration is impaired (760 ILCS 3/704). A certification of trust states the co-trustees' signing authority — whether all or fewer than all are required to exercise a power (760 ILCS 3/1013).
Lwa yo, mo pou mo
Certification of trust
760 ILCS 3/1013 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Co-trustees
760 ILCS 3/703 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Vacancy in trusteeship; appointment of successor
760 ILCS 3/704 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Directed trusts
760 ILCS 3/808 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
Do Illinois co-trustees have to agree on everything?
No. Co-trustees who cannot reach a unanimous decision may act by majority after prior written notice to, or written waiver by, each other co-trustee (760 ILCS 3/703(a)), and a dissenting trustee's written dissent bears on its liability (760 ILCS 3/703(h)).
Can an Illinois co-trustee hand a task to the other trustee?
Yes — a trustee may delegate the performance of a function to a co-trustee, subject to the duties of 760 ILCS 3/807 (760 ILCS 3/703(e)).
What is a directing party in Illinois?
An investment trust advisor, a distribution trust advisor or a trust protector the instrument empowers to direct the trustee; the directing party is a fiduciary, and the excluded fiduciary follows the direction (760 ILCS 3/808).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Illinois — se pa konsèy legal, e li pa ranplase konsèy yon avoka Illinois ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.