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Core duties · 6 мин чтения
The Illinois Prudent Investor Law
760 ILCS 3/902 provides that a trustee invests and manages trust assets as a prudent investor would, considering the purposes, terms, distribution requirements and other circumstances of the trust, with reasonable care, skill and caution — in the context of the portfolio as a whole and an overall strategy with risk and return objectives suited to the trust. The rule is a default the instrument may expand, restrict, eliminate or otherwise alter (760 ILCS 3/901). Within a reasonable time after accepting, the trustee reviews the assets and decides what to retain or dispose of (760 ILCS 3/904), and is judged by conduct at the time, not by resulting performance (760 ILCS 3/908).
Prudent administration and impartiality
760 ILCS 3/804 has a trustee administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements and other circumstances of the trust, exercising reasonable care, skill and caution; the trustee incurs only costs reasonable in relation to the property and the purposes (760 ILCS 3/805). Where there are two or more beneficiaries, the trustee acts impartially, giving due regard to their respective interests (760 ILCS 3/803).
Loyalty and its presumptions
760 ILCS 3/802 provides that a transaction involving the investment or management of 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 applies — for example, the instrument authorized it, the court or a nonjudicial settlement approved it, or the beneficiary consented. A transaction with the trustee's spouse, descendants, siblings or parents (or their spouses), or an enterprise in which the trustee has an interest that might affect its judgment, is presumed to be affected by a conflict.
Discretion and its limits
However broad the discretion an instrument grants — "absolute", "sole" or "uncontrolled" — 760 ILCS 3/814 provides that a fiduciary exercises it in good faith and in accordance with the terms and purposes of the instrument. Unless the instrument expressly says otherwise, a beneficiary-trustee other than a settlor may make discretionary distributions for the trustee's own benefit only under an ascertainable standard, and may not use them to satisfy the trustee's own support obligation. The statutes frame questions, not answers; a licensed Illinois attorney of your choosing can advise on a specific investment or a transaction with someone close to you.
Законы, дословно
Duty of loyalty
760 ILCS 3/802 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Prudent administration
760 ILCS 3/804 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Discretionary powers; tax savings
760 ILCS 3/814 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Standard of care; portfolio strategy; risk and return objectives
760 ILCS 3/902 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
What is Illinois's prudent investor rule?
A trustee invests and manages trust assets as a prudent investor would, considering the trust's purposes, terms and distribution requirements, in the context of the portfolio as a whole, with reasonable care, skill and caution (760 ILCS 3/902); the instrument may alter the rule (760 ILCS 3/901).
Can an Illinois trustee buy property from the trust?
A transaction for the trustee's own account is voidable by an affected beneficiary unless an exception in 760 ILCS 3/802 applies — among them, authorization in the instrument, approval by the court, or the beneficiary's consent.
Does "sole discretion" mean an Illinois trustee cannot be questioned?
No. However broadly discretion is granted, a fiduciary exercises it in good faith and in accordance with the terms and purposes of the instrument (760 ILCS 3/814).
По теме
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