Illinois Trust Code

This act governs the creation, administration, and termination of private and charitable trusts. It sets out how a trust is formed — the methods of creation, the intent and capacity required of the settlor and trustee, the property that funds it, and the writing requirements it must satisfy — and it supplies default rules that apply unless the terms of the trust provide otherwise, alongside a smaller set of mandatory rules that override contrary terms. It also establishes mechanisms for changing a trust after it exists, including revocation or amendment by the settlor, judicial modification, reformation, or termination, division and combination of trusts, termination of trusts too small to justify administration, and distribution of trust property into a second trust, and it addresses recurring substantive questions such as spendthrift provisions, forfeiture clauses, perpetuities limits, and trusts for the care of an animal.

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