A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property. The beneficiary is entitled to the performance of certain duties and the exercise of certain powers by the trustee, which performance may be enforced by a court of equity. This form is an example of a trust that is subject to direct court oversight since the initial trust funds resulted from a civil judgment in favor of a minor.
Illinois Trust Agreement for Funds for Recovery of Judgment for Minor
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How to fill out Trust Agreement For Funds For Recovery Of Judgment For Minor?
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Sec. 105. Default and mandatory rules. (a) The trust instrument may specify the rights, powers, duties, limitations, and immunities applicable to the trustee, beneficiary, and others and those terms, if not otherwise contrary to law, shall control, except to the extent specifically provided otherwise in this Section.
?Interested person? in relation to any particular action, power or proceeding under this Act means one who has or represents a financial interest, property right or fiduciary status at the time of reference which may be affected by the action, power or proceeding involved, including without limitation an heir, legatee, ...
Section 813.1. Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code. Section 813.1 contains the ITC version of UTC Section 813, and provides rules for trustee notices and accountings for trusts becoming irrevocable after the effective date of the code.
(30) "Qualified beneficiary" means each current beneficiary and presumptive remainder beneficiary. (31) "Revocable", as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
505. Creditor's claim against settlor. of a revocable trust is subject to claims of the settlor's creditors to the extent the property would not otherwise be exempt by law if owned directly by the settlor. or assignee of the settlor may reach the maximum amount that can be distributed to or for the settlor's benefit.
807. Delegation by trustee. (a) Except as provided in subsection (b), the trustee has a duty not to delegate to others the performance of any acts involving the exercise of judgment and discretion. order to monitor the agent's performance and compliance with the terms of the delegation.
808. Directed trusts. more persons given authority by the trust instrument to direct, consent to, veto, or otherwise exercise all or any portion of the distribution powers and discretions of the trust, including, but not limited to, authority to make discretionary distribution of income or principal.
The new Illinois Trust Code allows a settlor to waive the duty to account to particular beneficiaries for a period of time, during which the trustee need not disclose the terms, existence, or assets of a trust to the beneficiary.