Illinois Compiled Statutes 760 ILCS 3/1108 – Restrictions
Current as of: 2024 | Check for updates
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Other versions
Conversion to a total return trust does not affect any provision in the trust instrument:
(1) directing or authorizing the trustee to
(1) directing or authorizing the trustee to
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distribute principal;
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(2) directing or authorizing the trustee to
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distribute a fixed annuity or a fixed fraction of the value of trust assets;
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(3) authorizing a beneficiary to withdraw a portion
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or all of the principal; or
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(4) in any manner that would diminish an amount
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permanently set aside for charitable purposes under the trust instrument unless both income and principal are so set aside.
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Terms Used In Illinois Compiled Statutes 760 ILCS 3/1108
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.