Повний текст цього посібника англійською; короткий виклад вище — вашою мовою. Виклади законів і англійський текст залишаються джерелом запису.
Distributions · 6 хв читання
What the words mean in Illinois
755 ILCS 5/2-1 divides an intestate estate among the decedent's descendants per stirpes and does not define the term; in its ordinary legal meaning the division begins at the children's generation, a deceased child's share passing to that child's own descendants. 760 ILCS 3/114 provides that a gift under a living trust to a descendant of the settlor who dies before the gift takes effect passes to the deceased beneficiary's descendants then living, per stirpes, and that a gift to someone else lapses into the residue unless the instrument provides otherwise.
No Illinois statute gives an instrument's "by representation" or "per capita at each generation" a statutory meaning; the trust's own definitions control. The Distribution Calculator shows the fractions side by side for a family's shape.
Discretionary distributions
A creditor of a beneficiary may not compel a discretionary distribution or attach present or future ones (760 ILCS 3/504), and a fiduciary exercises a discretionary power in good faith and in accordance with the terms and purposes of the instrument (760 ILCS 3/814).
Before distributing after a death
Claims against a settlor are presented to the estate within the periods of 755 ILCS 5/18-3 and barred two years after the death (755 ILCS 5/18-12); the property of a trust that was revocable at the death answers for them to the extent the probate estate is inadequate, and a trustee who distributes nine months or later after the death, without a personal representative's written insufficiency notice, is released from that liability for what was distributed (760 ILCS 3/505(a)(5), (6)). A trust that was revocable at the death may be contested within the periods of 760 ILCS 3/604(a); nine months after the death the trustee may distribute under the instrument unless a contest is pending or a potential contestant's notice is followed by a proceeding within 60 days (760 ILCS 3/604(b)).
At termination
760 ILCS 3/817 provides that on termination the trustee proceeds expeditiously to distribute to those entitled; the trustee may require a written approval of the trust accounting and, at the trustee's election, a refunding agreement, and may withhold a reasonable amount or require a reasonable reserve for debts, expenses and taxes pending them.
Закони, дослівно
Rules of descent and distribution
755 ILCS 5/2-1 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Gift to a deceased beneficiary under an inter vivos trust
760 ILCS 3/114 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Limitation on action contesting validity of revocable trust; distribution of trust property
760 ILCS 3/604 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Distribution upon termination
760 ILCS 3/817 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Поширені запитання
Does "per stirpes" have a statutory definition in Illinois?
No. 755 ILCS 5/2-1 and 760 ILCS 3/114 use the term without defining it; in its ordinary legal meaning the division begins at the children's generation, a deceased child's share passing to that child's descendants.
When can an Illinois trustee distribute after a death?
The statutes set the periods a trustee reads: the claims periods (755 ILCS 5/18-3, 755 ILCS 5/18-12), the nine-month release from the settlor's creditors (760 ILCS 3/505(a)(6)) and the contest period and nine-month distribution rule (760 ILCS 3/604). A licensed Illinois attorney of your choosing can advise on timing and a reserve.
Can an Illinois trustee keep money back at termination?
Yes — a reasonable amount or a reasonable reserve for debts, expenses and taxes, pending the beneficiaries' written approval of the accounting (760 ILCS 3/817).
За темою
Навчальний центр — це загальна інформація про закони Іллінойсу, а не юридична консультація і не заміна пораді ліцензованого юриста Іллінойсу щодо ваших конкретних фактів. TrusteeClear — це програма, а не юридична фірма.