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(755 ILCS 27/60)
Effect of transfer on death instrument during owner's life.
(a) During an owner's life, a transfer on death instrument does not:
(1) affect the right of the owner, any other
owner, or an agent for the owner to sell or encumber the residential real estate;
(2) affect an interest or right of a transferee,
lienholder, mortgagee, option holder or grantee even if the transferee, lienholder, mortgagee, option holder or grantee has actual or constructive notice of the instrument;
(3) affect an interest or right of a secured or
unsecured creditor or future creditor of the owner, even if the creditor has actual or constructive notice of the instrument;
(4) affect the owner's or designated
beneficiary's eligibility for any form of public assistance;
(5) create a legal or equitable interest in favor
of the designated beneficiary; or
(6) subject the residential real estate to claims
or process of a creditor of the designated beneficiary.
(b) If after recording a transfer on death instrument, the owner makes a contract for the sale or transfer of the residential real estate or some part thereof that is the subject of the transfer on death instrument and the whole or any part of the contract remains executory at the owner's death, the disposition of the residential real estate by the contract does not revoke the transfer on death instrument but the residential real estate passes to the designated beneficiary or beneficiary subject to the contract.
(Source: P.A. 97-555, eff. 1-1-12.)