Sec. 1324. Disposition of trust property subject to power.
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/il/chapter-760/act-3/1324A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1324. Disposition of trust property subject to power. In disposing of trust property subject to a power of appointment, whether exercisable by a will or an instrument other than a will, a trustee acting in good faith shall have no liability to any appointee or taker in default of appointment for relying upon a will, regardless of whether it was admitted to probate, or an instrument believed to be genuine purporting to exercise a power of appointment or for assuming that there is no will or instrument exercising the power of appointment in the absence of actual knowledge thereof within 3 months of the death of the powerholder, in the case of a will, or 3 months of the last date on which the power of appointment may be exercised, in the case of any other instrument.
Nothing in this Section precludes a donor of a power or a trustee from requiring that a will be admitted to probate.