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Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/307. Designated representative

Current as of January 01, 2022 | Updated by FindLaw Staff

§ 307. Designated representative.

(a) If specifically nominated in the trust instrument, one or more individuals with legal capacity may be designated to represent and bind an individual who is a qualified beneficiary. The trust instrument may also authorize any person or persons, other than a trustee of the trust, to designate one or more individuals with legal capacity to represent and bind an individual who is a qualified beneficiary. Any person so nominated or designated is referred to in this Section as a “designated representative”.

(b) Notwithstanding subsection (a):

(1) A designated representative may not represent and bind a current beneficiary who is age 30 or older and is not incapacitated.

(2) A designated representative may not represent and bind a qualified beneficiary while the designated representative is serving as a trustee.

(3) Subject to paragraphs (1) and (2) of this subsection (b), a designated representative may not represent and bind a qualified beneficiary if the designated representative is also a qualified beneficiary of the trust, unless:

(A) the designated representative was specifically nominated in the trust instrument; or

(B) the designated representative is the qualified beneficiary's spouse or a grandparent or descendant of a grandparent of the qualified beneficiary or of the qualified beneficiary's spouse.

(c) Each designated representative is a fiduciary of the trust subject to the standards applicable to a trustee of a trust under applicable law.

(d) In no event may a designated representative be relieved or exonerated from the duty to act, or withhold from acting, in good faith and as the designated representative reasonably believes is in the best interest of the represented qualified beneficiary.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/307. Designated representative - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-760-trusts-and-fiduciaries/il-st-sect-760-3-307/

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