(760 ILCS 3/411)
Modification or termination of noncharitable irrevocable trust by consent.
(a) A noncharitable irrevocable trust may be terminated upon consent of all of the beneficiaries if the court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust.
(b) A noncharitable irrevocable trust may be modified upon consent of all of the beneficiaries if the court concludes that modification is not inconsistent with any material purpose of the trust.
(c) The court shall consider spendthrift provisions as a factor in making a decision under this Section, but the court is not precluded from modifying or terminating a trust because the trust contains spendthrift provisions.
(d) Upon termination of a trust under subsection (a), the trustee shall distribute the trust property as agreed by the beneficiaries.
(e) If not all of the beneficiaries consent to a proposed modification or termination of the trust under subsection (a) or (b), the modification or termination may be approved by the court if the court is satisfied that:
(1) if all of the beneficiaries had consented, the
trust could have been modified or terminated under this Section; and
(2) a beneficiary who does not consent is treated
equitably and consistent with the purposes of the trust.
(Source: P.A. 101-48, eff. 1-1-20