Illinois Compiled Statutes 760 ILCS 3/1216 – Change in compensation
Current as of: 2024 | Check for updates
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(a) If a first-trust instrument specifies an authorized fiduciary‘s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation beyond the specified compensation unless:
(1) all qualified beneficiaries of the second trust
(1) all qualified beneficiaries of the second trust
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consent to the increase in a signed record; or
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(2) the increase is approved by the court.
(b) If a first-trust instrument does not specify an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the compensation permitted by Section 708 unless:
(1) all qualified beneficiaries of the second trust
Terms Used In Illinois Compiled Statutes 760 ILCS 3/1216
- Fiduciary: A trustee, executor, or administrator.
(b) If a first-trust instrument does not specify an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the compensation permitted by Section 708 unless:
(1) all qualified beneficiaries of the second trust
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consent to the increase in a signed record; or
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(2) the increase is approved by the court.
(c) A change in an authorized fiduciary’s compensation that is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary’s compensation for purposes of subsections (a) and (b).
(c) A change in an authorized fiduciary’s compensation that is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary’s compensation for purposes of subsections (a) and (b).