Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Illinois Compiled Statutes

 ILCS Listing   Public Acts  Search   Guide   Disclaimer

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

760 ILCS 3/1202

    (760 ILCS 3/1202)
    Sec. 1202. Definitions. In this Article:
    (1) (Blank).
    (2) "Authorized fiduciary" means:
        (A) a trustee or other fiduciary, other than a
settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries;
        (B) a special fiduciary appointed under Section
1209; or
        (C) a special-needs fiduciary under Section 1213.
    (3) "Court" means the court in this State having jurisdiction in matters relating to trusts.
    (4) "Decanting power" or "the decanting power" means the power of an authorized fiduciary under this Article to distribute property of a first trust to one or more second trusts or to modify the terms of the first trust.
    (5) "Expanded distributive discretion" means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard.
    (6) "First trust" means a trust over which an authorized fiduciary may exercise the decanting power.
    (7) "First-trust instrument" means the trust instrument for a first trust.
    (8) "Reasonably definite standard" means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of Section 674(b)(5)(A) of the Internal Revenue Code, as amended, and any applicable regulations.
    (9) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
    (10) "Second trust" means:
        (A) a first trust after modification under this
Article; or
        (B) a trust to which a distribution of property from
a first trust is or may be made under this Article.
    (11) "Second-trust instrument" means the trust instrument for a second trust.
(Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)