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Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/704. Vacancy in trusteeship; appointment of successor

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 704. Vacancy in trusteeship; appointment of successor.

(a) A vacancy in a trusteeship occurs if:

(1) a person designated as trustee declines the trusteeship;

(2) a person designated as trustee cannot be identified or does not exist;

(3) a trustee resigns;

(4) a trustee is disqualified or removed;

(5) a trustee dies;

(6) a guardian is appointed for an individual serving as trustee; or

(7) an individual serving as trustee becomes incapacitated.

(b) If one or more co-trustees remain in office, a vacancy in a trusteeship need not be filled and the remaining co-trustees or trustee may act for the trust. A vacancy in a trusteeship must be filled if the trust has no remaining trustee, or if the existing vacancy impairs the administration of the trust as determined by the remaining trustees.

(c) A vacancy in a trusteeship of a trust that is required to be filled must be filled in the following order of priority:

(1) by a person designated in accordance with the trust instrument to act as successor trustee;

(2) by a person appointed by a majority of the beneficiaries who are distributees or permissible distributees of trust income; or

(3) by a person appointed by the court.

(d) If a trust contains a charitable interest, then the appointment of a successor trustee provided under paragraph (2) of subsection (c) shall not take effect until 30 days after written notice is delivered to the Attorney General's Charitable Trust Bureau. The Attorney General may waive this notice requirement.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 3/704. Vacancy in trusteeship; appointment of successor - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-760-trusts-and-fiduciaries/il-st-sect-760-3-704/

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