(760 ILCS 3/1106)
    Sec. 1106. Administration.
    (a) As used in this Section, "excluded asset" means an asset for which there is no readily available market value and that the trustee determines in accordance with subsection (d) shall be excluded from the net fair market value of the trust's assets for purposes of determining the distribution amount under paragraph (2) of Section 1105.
    (b) The trustee, in the trustee's discretion, may determine any of the following matters in administering a total return trust as the trustee from time to time determines necessary or helpful for the proper functioning of the trust:
        (1) the effective date of a conversion to a total
    
return trust;
        (2) the manner of prorating the distribution amount
    
for a short year in which a beneficiary's interest commences or ceases;
        (3) whether distributions are made in cash or in
    
kind;
        (4) the manner of adjusting valuations and
    
calculations of the distribution amount to account for other payments from or contributions to the trust;
        (5) whether to value the trust's assets annually or
    
more frequently;
        (6) what valuation dates and how many valuation
    
dates to use;
        (7) valuation decisions about any asset for which
    
there is no readily available market value, including:
            (A) how frequently to value such an asset; and
            (B) whether and how often to engage a
        
professional appraiser to value such an asset;
        (8) which trust assets are excluded assets; and
        (9) any other administrative matters as the trustee
    
determines necessary or helpful for the proper functioning of the total return trust.
    (c) The trustee shall distribute any net income received from excluded assets as provided in the trust instrument.
    (d) Unless the trustee determines there are compelling reasons to the contrary considering all relevant factors including the best interests of the beneficiaries, the trustee shall treat each asset for which there is no readily available market value as an excluded asset. Examples of assets for which there is a readily available market value include: cash and cash equivalents; stocks, bonds, and other securities and instruments for which there is an established market on a stock exchange, in an over-the-counter market, or otherwise; and any other property that can reasonably be expected to be sold within one week of the decision to sell without extraordinary efforts by the seller. Examples of assets for which there is no readily available market value include: stocks, bonds, and other securities and instruments for which there is no established market on a stock exchange, in an over-the-counter market, or otherwise; real property; tangible personal property; and artwork and other collectibles.
    (e) If tangible personal property or real property is possessed or occupied by a beneficiary, the trustee shall not limit or restrict any right of the beneficiary to use the property in accordance with the trust instrument regardless of whether the trustee treats the property as an excluded asset.
(Source: P.A. 101-48, eff. 1-1-20.)