Chapter 755, ESTATES

(755 ILCS 5/20-17) (from Ch. 110 1/2, par. 20-17) Sec. 20-17. Completion of contract to convey or lease real estate.) Upon petition of a representative of a decedent's or ward's estate or other interested person, the court, without notice or upon such notice as it orders, may dir…

(755 ILCS 5/20-18) (from Ch. 110 1/2, par. 20-18) Sec. 20-18. Effect of proceedings.) All deeds or conveyances executed by a representative to the purchaser under this Act convey to and vest in the purchaser all the estate, right, title and interest, legal or equitable, of the de…

(755 ILCS 5/20-19) (from Ch. 110 1/2, par. 20-19) Sec. 20-19. No exoneration of encumbered interests in real estate.) Except as otherwise expressly provided by decedent's will: (a) When any real estate or leasehold estate in real estate subject to an encumbrance, or any beneficia…

(755 ILCS 5/20-2) (from Ch. 110 1/2, par. 20-2) Sec. 20-2. Leasing real estate. (a) A representative may lease the real estate of a decedent or ward upon such terms and for such length of time not inconsistent with the provisions of the decedent's will, if any, as the court may a…

(755 ILCS 5/20-20) (from Ch. 110 1/2, par. 20-20) Sec. 20-20. Leasing for oil, gas, coal and other mineral developments.) (a) A representative may lease for oil, gas, coal or other mineral development, the real estate or any interest in real estate of the decedent or the ward upo…

(755 ILCS 5/20-21) (from Ch. 110 1/2, par. 20-21) Sec. 20-21. Joining with spouse of ward in sale or mortgage.) By leave of the court and upon such terms as the court directs, a representative of a ward may join in the execution and delivery of a deed or mortgage in the name of t…

(755 ILCS 5/20-22) (from Ch. 110 1/2, par. 20-22) Sec. 20-22. Assent to sale free of ward's interest.) When any court in this State is about to order the sale of real estate in which a ward has an estate of homestead or any other interest, the representative may assent in writing…

(755 ILCS 5/20-23) (from Ch. 110 1/2, par. 20-23) Sec. 20-23. Representative may be authorized to pay taxes.) When it appears to the court that it is for the interest of any estate being administered in that court that the taxes on real estate forming a part of the estate not in …

(755 ILCS 5/20-24) (from Ch. 110 1/2, par. 20-24) Sec. 20-24. Notice of probate - Recorder's filing. (a) If a decedent's estate in supervised or independent administration includes an interest in real estate that is not sold or conveyed by the representative during administration…

(755 ILCS 5/20-3) (from Ch. 110 1/2, par. 20-3) Sec. 20-3. Sale or mortgage of ward's real estate.) By leave of court and upon such terms as the court directs, a representative of a ward may sell or mortgage the ward's real estate or any interest in real estate including the oil,…

(755 ILCS 5/20-4) (from Ch. 110 1/2, par. 20-4) Sec. 20-4. Sale or mortgage of decedent's real estate.) (a) By leave of court and upon such terms as the court directs, a representative of a decedent's estate may sell or mortgage any real estate or interest therein to which the de…

(755 ILCS 5/20-5) (from Ch. 110 1/2, par. 20-5) Sec. 20-5. Procedure for sale or mortgage of real estate.) (a) Before selling or mortgaging real estate, the representative shall file a petition in the court which issued his letters setting forth the facts and circumstances upon w…

(755 ILCS 5/20-6) (from Ch. 110 1/2, par. 20-6) Sec. 20-6. Power of court.) In any proceeding to sell or mortgage real estate the court may: (a) investigate and determine all questions of conflicting and controverted titles arising between any of the parties, remove clouds from a…

(755 ILCS 5/20-7) (from Ch. 110 1/2, par. 20-7) Sec. 20-7. Place and terms of sale. (a) The court may designate the place and manner of holding the sale, whether private or public, and whether for cash or on reasonable credit. The sale may be conducted by means of the Internet or…

(755 ILCS 5/20-8) (from Ch. 110 1/2, par. 20-8) Sec. 20-8. Appointment of appraisers.) The court may appoint 1, 2 or 3 disinterested appraisers, who, after taking an oath fairly to appraise the property, shall go upon the premises, make an appraisal, and report to the court in wr…

(755 ILCS 5/20-9) (from Ch. 110 1/2, par. 20-9) Sec. 20-9. Report of sale and approval.) (a) It is the duty of the representative to present to the court authorizing the sale a verified report of the sale describing the property sold and stating the name of the purchaser, the dat…

(755 ILCS 27/21) Sec. 21. Trust as beneficiary. A transfer of real property by a transfer on death instrument to a trustee of a trust that is in existence when the owner executes a transfer on death instrument and that is identified in the transfer on death instrument, to a trust…

(755 ILCS 70/21) Sec. 21. Effective date. This Act takes effect upon becoming law. (Source: P.A. 99-775, eff. 8-12-16.)

(755 ILCS 5/21-1) (from Ch. 110 1/2, par. 21-1) Sec. 21-1. Investments - decedent's estate.) In addition to any investments which a decedent may authorize his executor to make by the terms of his will, the representative of his estate, in his discretion, may invest money of the e…

(755 ILCS 5/21-1.01) (from Ch. 110 1/2, par. 21-1.01) Sec. 21-1.01. Direct obligations of the United States or any instrumentality or agency thereof or obligations fully guaranteed by the United States, or any instrumentality or agency thereof, if the maturity date of the obligat…

(755 ILCS 5/21-1.02) (from Ch. 110 1/2, par. 21-1.02) Sec. 21-1.02. Obligations of a local public agency (as defined in Section 110(h) of the federal Housing Act of 1949) or of a public housing agency (as defined in the federal Housing Act of 1937, as amended) which have a maturi…

(755 ILCS 5/21-1.03) (from Ch. 110 1/2, par. 21-1.03) Sec. 21-1.03. Savings accounts or certificates of deposit of a state bank or a national bank doing business in Illinois to the extent that the deposits are insured by the United States or any agency thereof, even though the ba…

(755 ILCS 5/21-1.04) (from Ch. 110 1/2, par. 21-1.04) Sec. 21-1.04. Withdrawable capital accounts, deposits, investment certificates or certificates of deposit of a state savings and loan association or a federal savings and loan association doing business in this State to the ex…

(755 ILCS 5/21-1.05) (from Ch. 110 1/2, par. 21-1.05) Sec. 21-1.05. Interests in one or more common trust funds, as defined in and from time to time established, maintained and administered pursuant to the Common Trust Fund Act, the investments of which are not restricted to the …

(755 ILCS 5/21-1.05a) (from Ch. 110 1/2, par. 21-1.05a) Sec. 21-1.05a. Interests in any open-end registered investment company registered under the federal Investment Company Act of 1940, provided that the portfolio of any such company is limited to securities and investments aut…

(755 ILCS 5/21-1.06) (from Ch. 110 1/2, par. 21-1.06) Sec. 21-1.06. Any other investments authorized by a court of competent jurisdiction or which from time to time have been or may be expressly declared by the General Assembly to be legal investments by representatives of decede…

(755 ILCS 5/21-1.07) (from Ch. 110 1/2, par. 21-1.07) Sec. 21-1.07. Interests in any open-end or closed-end management type investment company or investment trust (hereafter referred to as a "mutual fund") registered under the Investment Company Act of 1940, the investments of wh…

(755 ILCS 5/21-2) (from Ch. 110 1/2, par. 21-2) Sec. 21-2. Investments; ward's estate. (a) It is the duty of the representative to invest the ward's money. A representative is chargeable with interest at a rate equal to the rate on 90-day United States Treasury Bills upon any mon…

(755 ILCS 5/21-2.01) (from Ch. 110 1/2, par. 21-2.01) Sec. 21-2.01. Obligations of the United States. (Source: P.A. 84-494.)

(755 ILCS 5/21-2.02) (from Ch. 110 1/2, par. 21-2.02) Sec. 21-2.02. Obligations of which both the principal and interest are guaranteed unconditionally by the United States. (Source: P.A. 84-494.)

(755 ILCS 5/21-2.03) (from Ch. 110 1/2, par. 21-2.03) Sec. 21-2.03. Obligations of any corporation wholly owned, directly or indirectly, by the United States or any agency or instrumentality of the United States. (Source: P.A. 84-494.)

(755 ILCS 5/21-2.04) (from Ch. 110 1/2, par. 21-2.04) Sec. 21-2.04. Insured accounts, deposits, and certificates. Withdrawable capital accounts, deposits, investment certificates or certificates of deposit of state and federal savings and loan associations but, unless otherwise a…

(755 ILCS 5/21-2.05) (from Ch. 110 1/2, par. 21-2.05) Sec. 21-2.05. Municipal bonds. Instruments providing for the payment of money executed by or on behalf of any state of the United States or the District of Columbia or any governmental entity organized by or under the laws of …

(755 ILCS 5/21-2.06) (from Ch. 110 1/2, par. 21-2.06) Sec. 21-2.06. Savings and time deposit certificates of a state bank or a national bank doing business in this State but, unless otherwise authorized by a court of competent jurisdiction, only to the extent that such deposits a…

(755 ILCS 5/21-2.07) (from Ch. 110 1/2, par. 21-2.07) Sec. 21-2.07. Notes secured by real estate. All of the notes secured by a first mortgage or trust deed upon improved or income producing real estate situated in this State and not exceeding two-thirds of the value thereof at t…

(755 ILCS 5/21-2.08) (from Ch. 110 1/2, par. 21-2.08) Sec. 21-2.08. Corporate obligations. Obligations of any company incorporated under the laws of the United States or of any state of the United States or the District of Columbia that, at the time of investment, have been given…

(755 ILCS 5/21-2.10) (from Ch. 110 1/2, par. 21-2.10) Sec. 21-2.10. Real estate located in any state of the United States or the District of Columbia. (Source: P.A. 79-328.)

(755 ILCS 5/21-2.11) (from Ch. 110 1/2, par. 21-2.11) Sec. 21-2.11. Life, endowment, or annuity policies. Life, endowment, or annuity policies on the life of the ward, or on the life of any person in whose life the ward has an insurable interest, if the ward is the beneficiary, w…

(755 ILCS 5/21-2.12) (from Ch. 110 1/2, par. 21-2.12) Sec. 21-2.12. Stock. Shares of any corporation with a market capitalization of over $200,000,000 if the shares are listed and registered on an exchange registered with the Securities and Exchange Commission as a national secur…

(755 ILCS 5/21-2.13) (from Ch. 110 1/2, par. 21-2.13) Sec. 21-2.13. Common trust funds. Interests in one or more common trust funds, as defined in and from time to time established, maintained and administered pursuant to the Common Trust Fund Act, the investments of which are no…

(755 ILCS 5/21-2.14) (from Ch. 110 1/2, par. 21-2.14) Sec. 21-2.14. Mutual funds. Interests in any open-end management type investment company or investment trust (hereafter referred to as a "mutual fund") registered under the Investment Company Act of 1940, the investments of wh…

(755 ILCS 5/21-2.14a) Sec. 21-2.14a. Illinois prepaid tuition contract. An Illinois prepaid tuition contract, as defined under the Illinois Prepaid Tuition Act. (Source: P.A. 91-867, eff. 6-22-00.)

(755 ILCS 5/21-2.15) (from Ch. 110 1/2, par. 21-2.15) Sec. 21-2.15. Any other investments which from time to time have been or may be expressly declared by the General Assembly to be legal investments for representatives of wards' estates. (Source: P.A. 84-494.)

(755 ILCS 5/22-1) (from Ch. 110 1/2, par. 22-1) Sec. 22-1. Power to collect and remove personal estate.) A representative to whom letters are issued on the estate of a nonresident decedent or ward by a court of competent jurisdiction of any other state, territory, country or the …

(755 ILCS 5/22-2) (from Ch. 110 1/2, par. 22-2) Sec. 22-2. Transfer of estate of nonresident ward to nonresident representative when letters issued in this State.) If it appears to the court of this State which has appointed a representative of the estate of a nonresident ward th…

(755 ILCS 5/22-3) (from Ch. 110 1/2, par. 22-3) Sec. 22-3. Right to sue.) If no letters are issued in this State upon the estate of a nonresident decedent or ward, a representative to whom letters are issued on the estate by a court of competent jurisdiction of any other state, t…

(755 ILCS 5/22-4) (from Ch. 110 1/2, par. 22-4) Sec. 22-4. Lease, sale or mortgage of real or personal estate.) (a) If no letters are issued in this State upon the estate of a decedent who at the time of his death owned real or personal estate or any interest therein within this …

(755 ILCS 5/22-5) (from Ch. 110 1/2, par. 22-5) Sec. 22-5. Letters issued in this State.) If after any proceedings are commenced by a nonresident representative under Section 22-3 or 22-4, letters are issued on the estate of the decedent or ward in this State, on motion the resid…

(755 ILCS 5/22-6) (from Ch. 110 1/2, par. 22-6) Sec. 22-6. Deed by foreign executor under will.) A deed executed under the power vested in a representative to whom letters of office were issued by any court of competent jurisdiction in any other state of the United States or the …

(755 ILCS 43/23) Sec. 23. Format. Documents, writings, and forms referred to in this Act may be in hard copy or electronic format. Nothing in this Act is intended to prevent the population of a declaration, document, writing, or form with electronic data. (Source: P.A. 101-163, e…