Sec. 1218. Removal or replacement of authorized fiduciary.
109 words·~1 min read·
/il/chapter-760/act-3/1218A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1218. Removal or replacement of authorized fiduciary. An authorized fiduciary may not exercise the decanting power to modify a provision in the first-trust instrument granting another person power to remove or replace the fiduciary unless:
(1)the person holding the power consents to the modification in a signed record and
the modification applies only to the person;
(2)the person holding the power and the qualified beneficiaries of the second trust
consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
(3)the court approves the modification and the modification grants a substantially
similar power to another person.