Living Trust Trustee Resignation Form In Illinois
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How to fill out Consent Of Successor Trustee To Appointment Following Resignation Of Original Trustee?
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FAQ
In some situations, a trust can be terminated by a court order. The Illinois court may intervene in cases where there was an illegality, impracticality, or the trust has expired. If the beneficiaries wish to modify or terminate a trust without the settlor's approval, they have to go to court and present their case.
Under 760 ILCS 3/705(a), unless the trust terms provide otherwise, a trustee may resign upon notice to all interested parties (i.e., the settlor, if living, all co-trustees, and beneficiaries who are distributees or permissible distributees of trust income), or with court approval.
Most trusts include a provision that outlines how a trustee may resign. Usually, this procedure includes signing a Resignation to Serve as Trustee and also sending written notice and a report and account of their actions as Trustee to the trust beneficiaries.
A resignation is a formal document that needs to be in writing and signed by the trustee but does not need to be notarized unless the trust language requires it.
Trustees must generally provide written notice of their resignation to the trust's beneficiaries and co-trustees. The trust agreement or state law may specify additional notice requirements or timeframes.