Illinois Compiled Statutes 760 ILCS 3/1223 – Trust for care of animal
Current as of: 2024 | Check for updates
|
Other versions
(a) In this Section:
(1) “Animal trust” means a trust or an interest in a
(1) “Animal trust” means a trust or an interest in a
|
trust created to provide for the care of one or more designated domestic or pet animals.
|
(2) “Protector” means a person described in
|
paragraph (3) of subsection (b) of Section 408.
|
(b) The decanting power may be exercised over an animal trust that has a protector to the extent the trust could be decanted under this Article as if each animal that benefits from the trust were an individual, if the protector consents in a signed record to the exercise of the decanting power.
(c) A protector for an animal has the rights under this Article of a qualified beneficiary.
(d) Notwithstanding any other provision of this Article, if a first trust is an animal trust, in an exercise of the decanting power, the second trust must provide that trust property may be applied only to its intended purpose for the period the first trust benefited the animal.
Terms Used In Illinois Compiled Statutes 760 ILCS 3/1223
- 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
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
(c) A protector for an animal has the rights under this Article of a qualified beneficiary.
(d) Notwithstanding any other provision of this Article, if a first trust is an animal trust, in an exercise of the decanting power, the second trust must provide that trust property may be applied only to its intended purpose for the period the first trust benefited the animal.