Sec. 1102. Conversion by trustee.
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/il/chapter-760/act-3/1102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1102. Conversion by trustee. A trustee may convert a trust to a total return trust as described in this Article if all of the following apply:
(1)The trust describes the amount that may or must be distributed to a beneficiary by
referring to the trust's income, and the trustee determines that conversion to a total return trust will enable the trustee to better carry out the purposes of the trust and the conversion is in the best interests of the beneficiaries;
(2)the trustee sends a written notice of the trustee's decision to convert the trust
to a total return trust, specifying a prospective effective date for the conversion and including a copy of this Article, to all of the qualified beneficiaries; and
(3)no qualified beneficiary objects to the conversion to a total return trust in a
writing delivered to the trustee within 60 days after the notice is sent.