REAL PROP-TRANSFER ON DEATH

Creates the Illinois Residential Real Property Transfer on Death Instrument Act. Defines terms. Provides the requirements for an owner to transfer residential real estate by a transfer on death instrument. Provides that a transfer on death instrument is a revocable nontestamentary instrument. Requires that an owner who makes or revokes a transfer on death instrument must have the same capacity as the capacity required to make a will. Provides that a transfer on death instrument must include the essential elements and formalities of a deed and be recorded in the recorder's office before the owner's death. Provides that a transfer on death instrument does not require notice, delivery, or consideration. Provides that revocation of a transfer on death instrument may be accomplished by another transfer on death instrument that revokes the instrument expressly or by an inconsistency which is recorded before the owner's death. Describes the effects that a transfer on death instrument does and does not have, during an owner's life. Provides that a beneficiary under a transfer on death instrument has, at the owner's death, the right to disclaim or refuse to accept the transfer. Provides for the manner of acceptance of a transfer by the beneficiary. Provides that a beneficiary of a transfer on death instrument is subject to the claims of creditors and statutory claimants to the same extent as a beneficiary of any nontestamentary transfer. Describes applicable statute of limitations to contest the validity of a transfer on death instrument. Provides that the preparation of a transfer on death instrument or its revocation is the practice of law. Provides a statutory form for a notice of death affidavit and acceptance of a transfer on death instrument.