Illinois Compiled Statutes 760 ILCS 25/1 – Right to Disclaim Transfers Under Nontestamentary Instruments
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Terms Used In Illinois Compiled Statutes 760 ILCS 25/1
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Donee: The recipient of a gift.
A grantee, donee, person succeeding to a disclaimed interest, beneficiary under a nontestamentary instrument or contract or person designated to take pursuant to a power of appointment exercised by a nontestamentary instrument may disclaim in whole or in part the succession to any property, real or personal, or interest therein by delivering or filing a written disclaimer in the manner provided in Section 2-7 of the “Probate Act of 1975”.