Illinois Compiled Statutes 760 ILCS 3/1218 – Removal or replacement of authorized fiduciary
Current as of: 2024 | Check for updates
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An authorized fiduciary may not exercise the decanting power to modify a provision in the first-trust instrument granting another person power to remove or replace the fiduciary unless:
(1) the person holding the power consents to the
(1) the person holding the power consents to the
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modification in a signed record and the modification applies only to the person;
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(2) the person holding the power and the qualified
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beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
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(3) the court approves the modification and the
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modification grants a substantially similar power to another person.
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Terms Used In Illinois Compiled Statutes 760 ILCS 3/1218
- Fiduciary: A trustee, executor, or administrator.