Sec. 70. Joint owners.
159 words·~1 min read·
/il/chapter-755/act-27/70A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 70. Joint owners.
(a)One or more joint owners may execute a transfer on death instrument.
(b)If all of the joint owners execute a transfer on death instrument, then an instrument of joint owners is revoked only if it is revoked by all of the then living joint owners. A transfer on death instrument is revocable by the last surviving joint owner notwithstanding any contract or agreement between the joint owners to the contrary.
(c)If less than all of the joint owners execute a transfer on death instrument, the transfer on death instrument will be governed by the designation of the joint owner who is the last to die of all the joint owners. If the last to die joint owner did not execute a transfer on death instrument, the designation of any prior deceased joint owner is ineffective.
(d)A transfer on death instrument shall not sever a joint tenancy or tenancy by the entirety.