Illinois Compiled Statutes 760 ILCS 15/16 – Application of Act
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Terms Used In Illinois Compiled Statutes 760 ILCS 15/16
- Decedent: A deceased person.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Trustee: A person or institution holding and administering property in trust.
Except as specifically provided in the governing instrument or in this Act, this Act shall apply to any receipt or expense received or incurred on or after the effective date of this Act by any trust, decedent‘s estate or legal life estate whether established on, before or after the effective date of this Act and whether the asset involved was acquired by the trustee, personal representative or legal life tenant on, before or after the effective date of this Act.