(205 ILCS 625/4) (from Ch. 17, par. 2134)
Sec. 4. Payable on Death Account Incidents. If one or more persons opening
or
holding an account sign an agreement with the institution
providing that
on the death of the
last surviving person designated as holder the account shall be paid
to or held by one or more designated beneficiaries, the account, and any balance
therein which exists from time to time, shall be held as a payment on death
account and unless otherwise agreed in writing between the person or
persons opening
or holding the account and the institution:
(a) Any holder during his or her lifetime may change any of the
designated beneficiaries to own the account at the death of the
last surviving holder without the
knowledge or consent of any other holder or the designated beneficiaries
by a
written instrument
accepted by the institution;
(b) Any holder may make additional deposits to and withdraw any
part or
all of the account at any time without the knowledge or consent of any other
holder or the
designated beneficiaries to own the account at the death
of the last surviving holder,
subject to the bylaws and regulations of the institution, and all
withdrawals shall constitute a revocation of the agreement as to the amount
withdrawn; and
(c) Upon the death of the last surviving holder of the account, the
beneficiary
designated to be the owner of the account (i) who is then living, if the beneficiary is a natural person, or (ii) that maintains a lawful existence under the state or federal authority pursuant to which it was organized, if the beneficiary is not a natural person, shall be the
sole owner of the account, unless more than one beneficiary is so designated and
then living or in existence, in which case those beneficiaries shall hold the account in
equal
shares as tenants in common with no right of survivorship as between those
beneficiaries. If no beneficiary designated as the owner of the
account on the death of the last surviving holder is then living or in existence, the
proceeds shall vest
in the estate of the last surviving holder of the account.
(Source: P.A. 96-1151, eff. 7-21-10.)
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