Illinois Compiled Statutes 760 ILCS 3/401 – Methods of creating trust
Current as of: 2024 | Check for updates
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A trust may be created by:
(1) transfer of property to another person as
(1) transfer of property to another person as
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trustee during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death;
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(2) declaration by the owner of property that the
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owner holds identifiable property as trustee;
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(3) exercise of a power of appointment in favor of a
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trustee;
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(4) order of a court; or
(5) exercise by an authorized fiduciary of the powers
Terms Used In Illinois Compiled Statutes 760 ILCS 3/401
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
(5) exercise by an authorized fiduciary of the powers
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granted in Article 12.
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