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(760 ILCS 3/402)
Requirements for creation.
(a) A trust is created only if:
(1) the settlor or other person creating the trust
has capacity to create a trust;
(2) the settlor or other person creating the trust
indicates an intention to create the trust;
(3) the trust has a definite beneficiary or is:
(A) a charitable trust;
(B) a trust for the care of an animal, as
provided in Section 408; or
(C) a trust for a noncharitable purpose, as
(4) the trustee has duties to perform; and
(5) the same person is not the sole trustee and sole
(b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(c) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
(Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22