Illinois § 114

§ 114.

Gift to a deceased beneficiary under an inter vivos trust. (a) If a gift of a present or future interest is to a descendant of the settlor who dies before or after the settlor, the descendants of the deceased beneficiary living when the gift is to take effect in possession or enjoyment take per stirpes the gift so bequeathed. (b) If a gift of a present or future interest is to a class and any member of the class dies before or after the settlor, the members of the class living when the gift is to take effect in possession or enjoyment take the share or shares that the deceased member would have taken if he or she were then living, except that, if the deceased member of the class is a descendant of the settlor, the descendants of the deceased member then living shall take per stirpes the share or shares that the deceased member would have taken if he or she were then living. (c) Except as provided in subsections (a) and (b), if the gift is not to a descendant of the settlor or is not to a class as provided in subsections (a) and (b) and if the beneficiary dies either before or after the settlor and before the gift is to take effect in possession or enjoyment, then the gift shall lapse. If the gift lapses by reason of the death of the beneficiary before the gift is to take effect in possession or enjoyment, then the gift so given shall be included in and pass as part of the residue of the trust under the trust. If the gift is or becomes part of the residue, the gift so bequeathed shall pass to and be taken by the beneficiaries remaining, if any, of the residue in proportions and upon trusts corresponding to their respective interests in the residue of the trust. Subsections (a) and (b) do not apply to a future interest that is or becomes indefeasibly vested at the settlor's death or at any time thereafter before it takes effect in possession or enjoyment. This Section applies on and after January 1, 2005 for any gifts to a deceased beneficiary under an inter vivos trust if the deceased beneficiary dies after January 1, 2005 and before the gift is to take effect in possession or enjoyment. (Source: P.A. 101-48, eff. 1-1-20.)