Terms Used In Illinois Compiled Statutes 760 ILCS 3/601

  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
     The capacity required of the settlor to create, amend, revoke in whole or in part, or add property to a revocable trust is the same as that required to make a will.