SB3150 Summary

• Renames the Illinois Residential Real Property Transfer on Death Instrument Act to the "Real Property Transfer on Death Instrument Act" and expands its scope from residential real estate only to all real property interests in Illinois.

• Permits transfer of real property to a trustee of a trust by transfer on death instrument even if the trust is subject to amendment, modification, revocation, or termination, with property governed by the trust's terms unless the instrument provides otherwise.

• Requires transfer on death instruments to be signed by the owner, witnessed by at least 2 credible witnesses, and acknowledged before a notary public; instruments without 2 credible witnesses are void, and any beneficiary who attests to the instrument forfeits their interest unless other sufficient witnesses attest.

• Provides that surviving spouses may renounce a transfer on death instrument within 6 months of the owner's death and receive one-third of transferred real property if the owner has descendants or one-half if no descendants, unless the spouse waives this right.

• Allows creditors to enforce claims against real property transferred by transfer on death instrument when the probate estate is insufficient, with liability apportioned among multiple properties based on net values at death.