Illinois Compiled Statutes 760 ILCS 3/307 – Designated representative
Current as of: 2024 | Check for updates
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(a) If specifically nominated in the trust instrument, one or more individuals with legal capacity may be designated to represent and bind an individual who is a qualified beneficiary. The trust instrument may also authorize any person or persons, other than a trustee of the trust, to designate one or more individuals with legal capacity to represent and bind an individual who is a qualified beneficiary. Any person so nominated or designated is referred to in this Section as a “designated representative”.
(b) Notwithstanding subsection (a):
(1) A designated representative may not represent and
(b) Notwithstanding subsection (a):
Terms Used In Illinois Compiled Statutes 760 ILCS 3/307
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Trustee: A person or institution holding and administering property in trust.
(1) A designated representative may not represent and
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bind a current beneficiary who is age 30 or older and is not incapacitated.
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(2) A designated representative may not represent and
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bind a qualified beneficiary while the designated representative is serving as a trustee.
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(3) Subject to paragraphs (1) and (2) of this
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subsection (b), a designated representative may not represent and bind a qualified beneficiary if the designated representative is also a qualified beneficiary of the trust, unless:
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(A) the designated representative was
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specifically nominated in the trust instrument; or
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(B) the designated representative is the
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qualified beneficiary’s spouse or a grandparent or descendant of a grandparent of the qualified beneficiary or of the qualified beneficiary’s spouse.
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(c) Each designated representative is a fiduciary of the trust subject to the standards applicable to a trustee of a trust under applicable law.
(d) In no event may a designated representative be relieved or exonerated from the duty to act, or withhold from acting, in good faith and as the designated representative reasonably believes is in the best interest of the represented qualified beneficiary.
(d) In no event may a designated representative be relieved or exonerated from the duty to act, or withhold from acting, in good faith and as the designated representative reasonably believes is in the best interest of the represented qualified beneficiary.