Illinois Compiled Statutes 755 ILCS 27/5 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
In this Act:
“Beneficiary” means a person that receives real property under a transfer on death instrument.
“Designated beneficiary” means a person designated to receive real property under a transfer on death instrument.
“Joint owner” means an individual who owns real property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant or a tenant by the entirety. The term does not include a tenant in common.
“Owner” means an individual who owns an interest in real property. “Owner” does not include a trustee or an individual acting in a fiduciary, representative, or agency capacity who holds an interest in real property.
“Person” means: an individual; a corporation; a business trust; a trustee of a land trust, a revocable or irrevocable trust, a trust created under a will or under a transfer on death instrument; a partnership; a limited liability company; an association; a joint venture; a public corporation; a government or governmental subdivision; an agency; an instrumentality; a guardian; a custodian designated or to be designated under any state’s uniform transfers to minors act; or any other legal entity.
“Real property” means an interest in realty located in this State capable of being transferred on the death of the owner.
“Residential real estate” means real property improved with not less than one nor more than 4 residential dwelling units; a residential condominium unit, including but not limited to the common elements allocated to the exclusive use thereof that form an integral part of the condominium unit and any parking unit or units specified by the declaration to be allocated to a specific residential condominium unit; or a single tract of agriculture real estate consisting of 40 acres or less which is improved with a single family residence. If a declaration of condominium ownership provides for individually owned and transferable parking units, “residential real estate” does not include the parking unit of a specific residential condominium unit unless the parking unit is included in the legal description of the property being transferred by a transfer on death instrument.
“Transfer on death instrument” means an instrument authorized under this Act.
“Beneficiary” means a person that receives real property under a transfer on death instrument.
Terms Used In Illinois Compiled Statutes 755 ILCS 27/5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- Trustee: A person or institution holding and administering property in trust.
“Designated beneficiary” means a person designated to receive real property under a transfer on death instrument.
“Joint owner” means an individual who owns real property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant or a tenant by the entirety. The term does not include a tenant in common.
“Owner” means an individual who owns an interest in real property. “Owner” does not include a trustee or an individual acting in a fiduciary, representative, or agency capacity who holds an interest in real property.
“Person” means: an individual; a corporation; a business trust; a trustee of a land trust, a revocable or irrevocable trust, a trust created under a will or under a transfer on death instrument; a partnership; a limited liability company; an association; a joint venture; a public corporation; a government or governmental subdivision; an agency; an instrumentality; a guardian; a custodian designated or to be designated under any state’s uniform transfers to minors act; or any other legal entity.
“Real property” means an interest in realty located in this State capable of being transferred on the death of the owner.
“Residential real estate” means real property improved with not less than one nor more than 4 residential dwelling units; a residential condominium unit, including but not limited to the common elements allocated to the exclusive use thereof that form an integral part of the condominium unit and any parking unit or units specified by the declaration to be allocated to a specific residential condominium unit; or a single tract of agriculture real estate consisting of 40 acres or less which is improved with a single family residence. If a declaration of condominium ownership provides for individually owned and transferable parking units, “residential real estate” does not include the parking unit of a specific residential condominium unit unless the parking unit is included in the legal description of the property being transferred by a transfer on death instrument.
“Transfer on death instrument” means an instrument authorized under this Act.