Illinois Compiled Statutes 760 ILCS 3/108 – Principal place of administration
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(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, the terms of a trust designating the principal place of administration are valid and controlling if:
(1) a trustee‘s principal place of business is
(1) a trustee‘s principal place of business is
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located in or a trustee is a resident of the designated jurisdiction; or
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(2) all or part of the administration occurs in the
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designated jurisdiction.
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(b) A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.
(c) Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (b), may transfer the trust’s principal place of administration to another State or to a jurisdiction outside of the United States.
(d) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust’s principal place of administration not less than 60 days before initiating the transfer. The notice of proposed transfer must include:
(1) the name of the jurisdiction to which the
Terms Used In Illinois Compiled Statutes 760 ILCS 3/108
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- Trustee: A person or institution holding and administering property in trust.
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (b), may transfer the trust’s principal place of administration to another State or to a jurisdiction outside of the United States.
(d) The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust’s principal place of administration not less than 60 days before initiating the transfer. The notice of proposed transfer must include:
(1) the name of the jurisdiction to which the
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principal place of administration is to be transferred;
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(2) the address and telephone number at the new
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location at which the trustee can be contacted;
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(3) an explanation of the reasons for the proposed
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transfer;
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(4) the date on which the proposed transfer is
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anticipated to occur; and
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(5) the date, not less than 60 days after the giving
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of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.
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(e) The authority of a trustee under this Section to transfer a trust’s principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.
(f) Notwithstanding any other provision of this Code, the trustee has no duty to inform the beneficiaries, or any other interested party, about the availability of this Section and further has no duty to review the trust instrument to determine whether any action should be taken under this Section unless requested to do so by a qualified beneficiary.
(g) In connection with a transfer of the trust’s principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to Section 704.
(f) Notwithstanding any other provision of this Code, the trustee has no duty to inform the beneficiaries, or any other interested party, about the availability of this Section and further has no duty to review the trust instrument to determine whether any action should be taken under this Section unless requested to do so by a qualified beneficiary.
(g) In connection with a transfer of the trust’s principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to Section 704.