HB5047 EngrossedLRB100 18696 JLS 33928 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Probate Act of 1975 is amended by changing
5Sections 4a-5 and 4a-10 as follows:
 
6    (755 ILCS 5/4a-5)
7    Sec. 4a-5. Definitions. As used in this Article:
8    (1) "Caregiver" means a person who voluntarily, or in
9exchange for compensation, has assumed responsibility for all
10or a portion of the care of another person who needs assistance
11with activities of daily living. "Caregiver" includes a
12caregiver's spouse, cohabitant, child, or employee.
13"Caregiver" does not include a family member of the person
14receiving assistance.
15    (2) "Family member" means a spouse, civil union partner,
16child, grandchild, sibling, aunt, uncle, niece, nephew, first
17cousin, or parent of the person receiving assistance.
18    (3) "Transfer instrument" means the legal document
19intended to effectuate a transfer effective on or after the
20transferor's death and includes, without limitation, a will,
21trust, transfer on death instrument, deed, form designated as
22payable on death, contract, or other beneficiary designation
23form.

 

 

HB5047 Engrossed- 2 -LRB100 18696 JLS 33928 b

1    (4) "Transferee" means a legatee, a beneficiary of a trust,
2a grantee of a deed, or any other person designated in a
3transfer instrument to receive a nonprobate transfer.
4    (5) "Transferor" means a testator, settlor, grantor of a
5deed, or a decedent whose interest is transferred pursuant to a
6nonprobate transfer.
7(Source: P.A. 98-1093, eff. 1-1-15.)
 
8    (755 ILCS 5/4a-10)
9    Sec. 4a-10. Presumption of void transfer.
10    (a) In any civil action in which a transfer instrument is
11being challenged, there is a rebuttable presumption, except as
12provided in Section 4a-15, that the transfer instrument is void
13if the transferee is a caregiver and the fair market value of
14the transferred property exceeds $20,000.
15    (b) Unless a shorter limitations period is required by
16Section 8-1 or 18-12 of this Act, any action under this Section
17shall be filed within 2 years of the date of death of the
18transferor.
19    (c) If the property in question is an interest in real
20property, a bona fide purchaser or mortgagee for value shall
21take the subject property free and clear of the action
22challenging the transfer instrument if the transfer to the bona
23fide purchaser or mortgagee for value occurs prior to the
24recordation of a lis pendens for an action under this Section.
25    (d) If the holder of property subject to this Article is a

 

 

HB5047 Engrossed- 3 -LRB100 18696 JLS 33928 b

1financial institution, trust company, trustee, or similar
2entity or person, including a subsidiary or affiliate thereof,
3it is not liable for distributing or releasing the property to
4the transferee, if:
5        (1) in the case of funds in an account maintained by
6    the holder, the distribution or release occurs prior to the
7    date the holder imposes a prompt administrative freeze of
8    the account after the holder's registered agent for service
9    of process has first received actual written notice that a
10    complaint has been filed challenging the transfer
11    instrument, which notice must include a copy of the
12    complaint; or
13        (2) in the case of any other property, the distribution
14    or release occurs prior to the date the holder's registered
15    agent for service of process receives actual written notice
16    that a complaint has been filed challenging the transfer
17    instrument, which notice must include a copy of the
18    complaint with sufficient time for the holder to act upon
19    the notice.
20    (e) The administrative freeze of an account described in
21paragraph (1) of subsection (d) shall be implemented promptly.
22In determining whether the administrative freeze was
23implemented promptly, the Court shall take into consideration
24the manner, time, and place of service and other factors
25reasonably affecting the financial institution's ability to
26promptly freeze the account.

 

 

HB5047 Engrossed- 4 -LRB100 18696 JLS 33928 b

1(Source: P.A. 98-1093, eff. 1-1-15.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.