IL SB1048

Adds Article IVa to the Probate Act creating a rebuttable presumption that transfer instruments are void when a transferee is a caregiver and the transferred property exceeds $20,000 in fair market value.

Defines "caregiver" as a person who assumes responsibility for care of another needing assistance with daily living, including the caregiver's spouse, cohabitant, child, or employee, but excluding family members.

Allows the caregiver to overcome the presumption by proving either that their share is not greater than their entitlement under the prior transfer instrument, or by clear and convincing evidence the transfer was not the product of fraud, duress, or undue influence.

Requires any challenge to a transfer be filed within 2 years of the transferor's death and imposes attorney's fees and costs on caregivers who fail to overcome the presumption.

Applies only to transfer instruments executed after the effective date of this act and does not limit common law claims or create duties for financial institutions, trusts, or trustees.