2005 Illinois Code - Chapter 755 Estates 755 ILCS 25/ Lifetime Transfer of Property Act.
(755 ILCS 25/0.01) (from Ch. 110 1/2, par. 600)
Sec. 0.01.
Short title.
This Act may be cited as the
Lifetime Transfer of Property Act.
(Source: P.A. 86‑1324.)
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(755 ILCS 25/1) (from Ch. 110 1/2, par. 601)
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.)
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(755 ILCS 25/2) (from Ch. 110 1/2, par. 602)
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.)
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