Trustee Resignation
(IL)

Summary

This template may be used by a trustee of either an irrevocable or revocable trust to provide notice to interested parties of his or her intention to resign. It is for use in Illinois. This template includes practical guidance, drafting notes, and alternate and optional clauses. Under 760 ILCS 3/705(a), unless the trust terms provide otherwise, a trustee may resign upon notice to all interested parties (i.e., the settlor, if living, all co-trustees, and beneficiaries who are distributees or permissible distributees of trust income), or with court approval. 760 ILCS 3/105, 3/705(a). The resigning trustee has a duty to protect trust property until it is turned over to a co-trustee or successor trustee. 760 ILCS 3/707. For more information about trusts, see Characteristics and Uses of Trusts (IL) and Revocation, Amendment, and Termination of Trusts (IL).