Lifetime Transfer of Property Act (755 ILCS 25/)

Chapter 755 — Estates

This text is maintained by the Legislative Reference Bureau for legislative drafting purposes and is NOT the official text of the Illinois Compiled Statutes; the only official copy is the printed copy maintained by the Secretary of State.

Sec. 0.01. Short title

This Act may be cited as the Lifetime Transfer of Property Act.

(Source: P.A. 86-1324.)

Sec. 1.

An otherwise valid transfer of property, in trust or otherwise, by a decedent during his or her lifetime, shall not, in the absence of an intent to defraud, be invalid, in whole or in part, on the ground that it is illusory because the decedent retained any power or right with respect to the property.

(Source: P.A. 80-737.)

Sec. 2.

This Act takes effect upon becoming a law and applies to savings account trusts established on or after its effective date, and as to all other transfers this Act is declaratory of existing law.

(Source: P.A. 80-737.)