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Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

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760 ILCS 3/402

    (760 ILCS 3/402)
    Sec. 402. Requirements for creation.
    (a) A trust is created only if:
        (1) the settlor has capacity to create a trust;
        (2) the settlor indicates an intention to create the
    
trust;
        (3) the trust has a definite beneficiary or is:
            (A) a charitable trust;
            (B) a trust for the care of an animal, as
        
provided in Section 408; or
            (C) a trust for a noncharitable purpose, as
        
provided in Section 409;
        (4) the trustee has duties to perform; and
        (5) the same person is not the sole trustee and sole
    
beneficiary.
    (b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
    (c) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
(Source: P.A. 101-48, eff. 1-1-20.)