Illinois Compiled Statutes 760 ILCS 3/602 – Revocation or amendment of revocable trust
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(a) The settlor may revoke a trust only if the trust instrument expressly provides that the trust is revocable or that the settlor has an unrestricted power of amendment. The settlor may amend a trust only if the trust expressly provides that the trust is revocable or amendable by the settlor.
(b) If a revocable trust has more than one settlor:
(1) to the extent the trust consists of community
(b) If a revocable trust has more than one settlor:
Terms Used In Illinois Compiled Statutes 760 ILCS 3/602
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Trustee: A person or institution holding and administering property in trust.
(1) to the extent the trust consists of community
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property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;
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(2) to the extent the trust consists of property
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other than community property, each settlor may revoke or amend the trust only with regard to the portion of the trust property attributable to that settlor’s contribution; and
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(3) upon the revocation or amendment of the trust by
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fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.
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(c) The settlor may revoke or amend a revocable trust instrument:
(1) by substantially complying with a method
(1) by substantially complying with a method
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provided in the trust instrument; or
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(2) if the trust instrument does not provide a
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method or the method provided in the terms is not expressly made exclusive, by a later instrument in writing other than a will, signed by the settlor and specifically referring to the trust.
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(d) Upon revocation of a revocable trust, the trustee shall deliver the trust property to the settlor or as the settlor directs.
(e) A settlor’s powers with respect to revocation, amendment, or distribution of trust property may not be exercised by an agent under a power of attorney unless expressly authorized by the power and not prohibited by the trust instrument.
(f) A guardian of the estate of the settlor, if any, or a guardian of the person of the settlor may not exercise a settlor’s powers with respect to revocation, amendment, or distribution of trust property unless ordered by the court supervising the guardianship.
(g) A trustee who does not know that a trust has been revoked or amended is not liable for distributions made and other actions taken or not taken on the assumption that the trust had not been amended or revoked.
(e) A settlor’s powers with respect to revocation, amendment, or distribution of trust property may not be exercised by an agent under a power of attorney unless expressly authorized by the power and not prohibited by the trust instrument.
(f) A guardian of the estate of the settlor, if any, or a guardian of the person of the settlor may not exercise a settlor’s powers with respect to revocation, amendment, or distribution of trust property unless ordered by the court supervising the guardianship.
(g) A trustee who does not know that a trust has been revoked or amended is not liable for distributions made and other actions taken or not taken on the assumption that the trust had not been amended or revoked.