1.Express trust. Except as otherwise provided in subsections 2 and 3, this Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.[2021, c. 235, §1(NEW).]
2.Trust solely for charitable purposes. This Act does not apply to a trust held solely for charitable purposes.[2021, c. 235, §1(NEW).]
3.Restricted or prohibited decanting power. Subject to section 1214, a trust instrument may restrict or prohibit exercise of the decanting power.[2021, c. 235, §1(NEW).]
4.Power not limited. This Act does not limit the power of a trustee, powerholder or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, a law of this State other than this Act, common law, a court order or a nonjudicial settlement agreement.[2021, c. 235, §1(NEW).]
5.Ability of settlor. This Act does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.[2021, c. 235, §1(NEW).]
Added by 2021SP1, c. 235,§ 1, eff. 10/18/2021.