Illinois Compiled Statutes 760 ILCS 3/1202 – Definitions
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In this Article:
(1) (Blank).
(2) “Authorized fiduciary” means:
(A) a trustee or other fiduciary, other than a
(1) (Blank).
Terms Used In Illinois Compiled Statutes 760 ILCS 3/1202
- Fiduciary: A trustee, executor, or administrator.
- 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.
(2) “Authorized fiduciary” means:
(A) a trustee or other fiduciary, other than a
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settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries;
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(B) a special fiduciary appointed under Section
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1209; or
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(C) a special-needs fiduciary under Section 1213.
(3) “Court” means the court in this State having jurisdiction in matters relating to trusts.
(4) “Decanting power” or “the decanting power” means the power of an authorized fiduciary under this Article to distribute property of a first trust to one or more second trusts or to modify the terms of the first trust.
(5) “Expanded distributive discretion” means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard.
(6) “First trust” means a trust over which an authorized fiduciary may exercise the decanting power.
(7) “First-trust instrument” means the trust instrument for a first trust.
(8) “Reasonably definite standard” means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of Section 674(b)(5)(A) of the Internal Revenue Code, as amended, and any applicable regulations.
(9) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(10) “Second trust” means:
(A) a first trust after modification under this
(3) “Court” means the court in this State having jurisdiction in matters relating to trusts.
(4) “Decanting power” or “the decanting power” means the power of an authorized fiduciary under this Article to distribute property of a first trust to one or more second trusts or to modify the terms of the first trust.
(5) “Expanded distributive discretion” means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard.
(6) “First trust” means a trust over which an authorized fiduciary may exercise the decanting power.
(7) “First-trust instrument” means the trust instrument for a first trust.
(8) “Reasonably definite standard” means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of Section 674(b)(5)(A) of the Internal Revenue Code, as amended, and any applicable regulations.
(9) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(10) “Second trust” means:
(A) a first trust after modification under this
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Article; or
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(B) a trust to which a distribution of property from
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a first trust is or may be made under this Article.
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(11) “Second-trust instrument” means the trust instrument for a second trust.