Illinois Compiled Statutes 760 ILCS 3/704 – Vacancy in trusteeship; appointment of successor
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(a) A vacancy in a trusteeship occurs if:
(1) a person designated as trustee declines the
(1) a person designated as trustee declines the
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trusteeship;
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(2) a person designated as trustee cannot be
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identified or does not exist;
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(3) a trustee resigns;
(4) a trustee is disqualified or removed;
(5) a trustee dies;
(6) a guardian is appointed for an individual
Terms Used In Illinois Compiled Statutes 760 ILCS 3/704
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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
- Trustee: A person or institution holding and administering property in trust.
(4) a trustee is disqualified or removed;
(5) a trustee dies;
(6) a guardian is appointed for an individual
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serving as trustee; or
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(7) an individual serving as trustee becomes
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incapacitated.
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(b) If one or more co-trustees remain in office, a vacancy in a trusteeship need not be filled and the remaining co-trustees or trustee may act for the trust. A vacancy in a trusteeship must be filled if the trust has no remaining trustee, or if the existing vacancy impairs the administration of the trust as determined by the remaining trustees.
(c) A vacancy in a trusteeship of a trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in accordance with the
(c) A vacancy in a trusteeship of a trust that is required to be filled must be filled in the following order of priority:
(1) by a person designated in accordance with the
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trust instrument to act as successor trustee;
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(2) by a person appointed by a majority of the
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beneficiaries who are distributees or permissible distributees of trust income; or
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(3) by a person appointed by the court.
(d) If a trust contains a charitable interest, then the appointment of a successor trustee provided under paragraph (2) of subsection (c) shall not take effect until 30 days after written notice is delivered to the Attorney General’s Charitable Trust Bureau. The Attorney General may waive this notice requirement.
(d) If a trust contains a charitable interest, then the appointment of a successor trustee provided under paragraph (2) of subsection (c) shall not take effect until 30 days after written notice is delivered to the Attorney General’s Charitable Trust Bureau. The Attorney General may waive this notice requirement.