Illinois Compiled Statutes 40 ILCS 5/4-115.2 – Dependent beneficiaries; payment to trust
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/4-115.2
- 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
- Dependent: A person dependent for support upon another.
Any benefit to be received by or paid to a dependent beneficiary may be received by or paid to a trust established for such dependent beneficiary if the dependent beneficiary is living at the time such benefit would be received by or paid to such trust.