Illinois Compiled Statutes 760 ILCS 3/409 – Noncharitable trust without ascertainable beneficiary
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(a) Except as otherwise provided in Section 408 or by another statute, a trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee.
(b) The trust may not be enforced for more than 21 years. If the trust is still in existence after 21 years, the trust shall terminate. The unexpended trust property shall be distributed in the following order:
(1) as directed in the trust instrument;
(2) to the settlor, if then living;
(3) if the trust was created in a non-residuary
(b) The trust may not be enforced for more than 21 years. If the trust is still in existence after 21 years, the trust shall terminate. The unexpended trust property shall be distributed in the following order:
Terms Used In Illinois Compiled Statutes 760 ILCS 3/409
- 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
- Probate: Proving a will
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(1) as directed in the trust instrument;
(2) to the settlor, if then living;
(3) if the trust was created in a non-residuary
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clause in the settlor’s will, then pursuant to the residuary clause in the settlor’s will;
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(4) to the transferor’s heirs under Section 2-1 of
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the Probate Act of 1975.
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(c) A trust authorized by this Section may be enforced by a person appointed in the trust instrument or, if no person is so appointed, by a person appointed by the court.
(d) Property of a trust authorized by this Section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Property not required for the intended use must be distributed as provided in subsection (b).
(d) Property of a trust authorized by this Section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Property not required for the intended use must be distributed as provided in subsection (b).