Section 760 ILCS 3/401 - Methods of creating trustA trust may be created by:
(1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;(2) declaration by the owner of property that the owner holds identifiable property as trustee; (3) exercise of a power of appointment in favor of a trustee;(5) exercise by an authorized fiduciary of the powers granted in Article 12.Amended by P.A. 102-0279,§ 10, eff. 1/1/2022.Added by P.A. 101-0048,§ 401, eff. 1/1/2020.