IL SB0047

Expands the Illinois Real Property Transfer on Death Instrument Act to apply to all real property, not just residential real estate, effective for instruments made and owners dying on or after the act's effective date.

Permits transfer on death instruments to designate trusts as beneficiaries, including existing trusts, trusts created under the owner's will, and trusts created under the instrument itself, even if the trust is revocable or subject to amendment.

Adds a new renunciation right allowing a surviving spouse to reject a transfer on death instrument and claim one-third of the property (if owner leaves descendants) or one-half (if no descendants), with renunciation filed within 7 months of owner's death.

Establishes a 2-year statute of limitations from the owner's death (or 6 months from issuance of letters of office, whichever is earlier) for contesting the validity of a transfer on death instrument.

Protects bona fide purchasers and mortgagees for value who acquire the property before a lis pendens is recorded or renunciation notice is filed.