Illinois Compiled Statutes 215 ILCS 150/16 – The written trust instrument may provide that a beneficiary who …
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Terms Used In Illinois Compiled Statutes 215 ILCS 150/16
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
The written trust instrument may provide that a beneficiary who becomes ineligible may continue to receive benefits for no longer than 90 days beyond the date the beneficiary or any trustee first discovers such ineligibility.