Illinois Compiled Statutes 760 ILCS 3/604 – Limitation on action contesting validity of revocable trust; distribution of trust property
Current as of: 2024 | Check for updates
|
Other versions
(a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor’s death only within the earlier of:
(1) 2 years after the settlor’s death; or
(2)(A) in the case of a trust to which a legacy is
(1) 2 years after the settlor’s death; or
Terms Used In Illinois Compiled Statutes 760 ILCS 3/604
- 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
- Legacy: A gift of property made by will.
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
(2)(A) in the case of a trust to which a legacy is
|
provided by the settlor’s will that is admitted to probate, the time to contest the validity of the settlor’s will as provided in the Probate Act of 1975; or
|
(B) in the case of a trust other than a trust
|
described in subdivision (A), 6 months after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust’s existence, of the trustee’s name and address, and of the 6-month period allowed for commencing a proceeding.
|
(b) Nine months after the death of the settlor of a trust that was revocable at the settlor’s death, the trustee may proceed to distribute the trust property in accordance with the trust instrument. The trustee is not subject to liability for doing so unless:
(1) the trustee knows of a pending judicial
(1) the trustee knows of a pending judicial
|
proceeding contesting the validity of the trust; or
|
(2) a potential contestant has notified the trustee
|
of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within 60 days after the contestant sent the notification.
|
(c) A beneficiary of a trust that was revocable at the settlor’s death that is determined to have been invalid is liable to return any distribution received and all income and appreciation associated with the distribution from the date of receipt until the date of return of the distribution.