What types of trusts does Illinois recognize?

Among them revocable and irrevocable trusts (760 ILCS 3/602), spendthrift trusts (760 ILCS 3/502), discretionary trusts (760 ILCS 3/504), trusts for a beneficiary with a disability (760 ILCS 3/509), trusts for pet animals (760 ILCS 3/408), directed trusts (760 ILCS 3/808) and total return trusts (760 ILCS 3/1101).

What is a discretionary trust in Illinois?

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

Types of Trusts in Illinois

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Common types of Trusts in Illinois

Revocable living Trust

Created during life and changeable anytime; commonly used to avoid probate and plan for incapacity. You keep control — so it is not asset protection.

Irrevocable Trust

Generally can't be changed or revoked once created; you give up control in exchange for benefits some irrevocable Trusts can offer, such as certain tax or planning goals. Fact-specific — for an attorney to design.

Testamentary Trust

Created by your will and funded only after death, through probate. Useful for leaving assets to minors or in stages.

Special needs (supplemental needs) Trust

Holds assets for a beneficiary with disabilities without disrupting needs-based public benefits like Medicaid or SSI, when properly drafted.

Spendthrift Trust

Includes a spendthrift provision that restrains a beneficiary's ability to transfer their interest and limits some creditors' reach (760 ILCS 3/502), within limits.

Charitable Trust

Benefits a charitable purpose; certain forms can combine giving with income or tax planning. Design and compliance are an attorney/advisor matter.

Trust for a pet

An Illinois trust for the care of one or more designated domestic or pet animals (760 ILCS 3/408); it ends when no living animal is covered, and a person the trust or the court names can enforce it.

Which type of Trust fits your goals?

Trusts are tools — the right one (if any) depends entirely on your goals, your family, your assets, and tax considerations. This page is general information, not legal advice. A free role check can show you where you stand, and a Illinois attorney can design what fits your situation.

General information about Illinois law, not legal advice.

Frequently asked questions

What types of trusts does Illinois recognize?: Among them revocable and irrevocable trusts (760 ILCS 3/602), spendthrift trusts (760 ILCS 3/502), discretionary trusts (760 ILCS 3/504), trusts for a beneficiary with a disability (760 ILCS 3/509), trusts for pet animals (760 ILCS 3/408), directed trusts (760 ILCS 3/808) and total return trusts (760 ILCS 3/1101).
What is a discretionary trust in Illinois?: A trust whose distributions are left to the trustee's discretion; a beneficiary's creditor may not compel a discretionary distribution or attach present or future ones, whether or not the trust has a spendthrift provision (760 ILCS 3/504), while a mandatory distribution the trustee has not made within a reasonable time may be reached (760 ILCS 3/506).

General information about Illinois law, not legal advice.