Bill Title: Creates the Illinois Residential Real Property Transfer on Death Instrument Act. Defines terms. Provides the requirements for an owner to transfer residential real estate by a transfer on death instrument. Provides that a transfer on death instrument is a revocable nontestamentary instrument. Requires that an owner who makes or revokes a transfer on death instrument must have the same capacity as the capacity required to make a will. Provides that a transfer on death instrument must include the essential elements and formalities of a deed and be recorded in the recorder's office before the owner's death. Provides that a transfer on death instrument does not require notice, delivery, or consideration. Provides that revocation of a transfer on death instrument may be accomplished by another transfer on death instrument that revokes the instrument expressly or by an inconsistency which is recorded before the owner's death. Describes the effects that a transfer on death instrument does and does not have, during an owner's life. Provides that a beneficiary under a transfer on death instrument has, at the owner's death, the right to disclaim or refuse to accept the transfer. Provides for the manner of acceptance of a transfer by the beneficiary. Provides that a beneficiary of a transfer on death instrument is subject to the claims of creditors and statutory claimants to the same extent as a beneficiary of any nontestamentary transfer. Describes applicable statute of limitations to contest the validity of a transfer on death instrument. Provides that the preparation of a transfer on death instrument or its revocation is the practice of law. Provides a statutory form for a notice of death affidavit and acceptance of a transfer on death instrument.

Spectrum: Bipartisan Bill

Status: (Passed) 2011-08-25 - Public Act . . . . . . . . . 97-0555 [HB1153 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2011-08-25	HTML/Text	Link	View
Amended	2011-05-06	HTML/Text	Link	View
Enrolled	Not Avail	HTML/Text	Link	View
Engrossed	Not Avail	HTML/Text	Link	View
Introduced	Not Avail	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB1153

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB1153 currently on file.

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