Illinois Compiled Statutes > 75 ILCS 5 > Article 1 – General Provisions
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Terms Used In Illinois Compiled Statutes > 75 ILCS 5 > Article 1 - General Provisions
- Bequest: Property gifted by will.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.