IL SB2656

Amends the Illinois Residential Real Property Transfer on Death Instrument Act to clarify that designated beneficiaries include residential condominium units with limited common elements and parking units specifically allocated to those units in the property legal description.

Prohibits agents under a durable power of attorney from creating or revoking transfer on death instruments on behalf of an owner, though agents retain authority to sell, transfer, or encumber the property under the terms of the agency.

Modifies Section 50 to clarify that transfer on death instruments are effective without notice, delivery, or acceptance by the designated beneficiary during the owner's lifetime.

Simplifies the notice of death process by replacing the requirement for beneficiary acceptance and filing deadlines with a single notice of death affidavit, removing the 30-day deadline for filing and the 2-year void provision if not filed.

Adds protection for purchasers and mortgagees who acquire property for value without notice before a lis pendens is recorded, allowing them to take free and clear of any challenges to the transfer on death instrument.