IL SB1777

Amends the Illinois Banking Act, Savings Bank Act, and Illinois Credit Union Act to add a new exception allowing financial institutions to furnish financial information to the executor, administrator, or other lawful representative of a deceased customer's estate without violating confidentiality provisions

Amends the Illinois Trust and Payable on Death Accounts Act to allow account holders to elect a "per stirpes" distribution option, enabling funds to pass to descendants of a predeceased beneficiary rather than having the share lapse

Amends the Financial Institutions Electronic Documents and Digital Signature Act to recognize that customer consent to electronic transactions given under the federal E-Sign Act satisfies state consent requirements

Amends the Probate Act to require that letters testamentary and letters of administration identify all co-executors or co-administrators by name when multiple representatives are appointed

Provides protections for persons conducting business with executors or administrators, allowing them to rely on letters of office and refuse transactions when co-representatives cannot be identified or make conflicting claims until a court determines the appropriate course of action