Section 760 ILCS 3/1102 - Conversion by trusteeA 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. Added by P.A. 101-0048,§ 1102, eff. 1/1/2020.