Illinois TRUST Act

The act establishes a comprehensive statutory framework for express trusts, covering how a trust comes into existence, how it is administered over its lifetime, and how it may be modified or terminated. It defines the duties and powers of trustees and the corresponding rights of beneficiaries, and provides mechanisms for oversight and for resolving disputes that arise in the course of administration. Much of it operates as a set of default rules that fill gaps left by the trust instrument, so the terms the settlor writes generally control where the two differ.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.