Terms Used In Illinois Compiled Statutes > 755 ILCS 5 > Article IVa - Presumptively Void Transfers

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Caregiver: includes a caregiver's spouse, cohabitant, child, or employee. See Illinois Compiled Statutes 755 ILCS 5/4a-5
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Family member: means a spouse, civil union partner, child, grandchild, sibling, aunt, uncle, niece, nephew, first cousin, or parent of the person receiving assistance. See Illinois Compiled Statutes 755 ILCS 5/4a-5
• Fraud: Intentional deception resulting in injury to another.
• Grantor: The person who establishes a trust and places property into it.
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
• Legatee: A beneficiary of a decedent
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Service of process: The service of writs or summonses to the appropriate party.
• Testator: A male person who leaves a will at death.
• Transfer instrument: means the legal document intended to effectuate a transfer effective on or after the transferor's death and includes, without limitation, a will, trust, transfer on death instrument, deed, form designated as payable on death, contract, or other beneficiary designation form. See Illinois Compiled Statutes 755 ILCS 5/4a-5
• Transferee: means a legatee, a beneficiary of a trust, a grantee of a deed, or any other person designated in a transfer instrument to receive a nonprobate transfer. See Illinois Compiled Statutes 755 ILCS 5/4a-5
• Transferor: means a testator, settlor, grantor of a deed, or a decedent whose interest is transferred pursuant to a nonprobate transfer. See Illinois Compiled Statutes 755 ILCS 5/4a-5
• Trustee: A person or institution holding and administering property in trust.