755 ILCS 32/5: Definitions.

(This Section may contain text from a Public Act with a delayed effective date)

As used in this Act:

"Beneficiary designation" means the provision in an instrument designating a beneficiary, other than in a will or an instrument creating a trust, and may also mean the instrument itself, including, but not limited to, any of the following:

(1) a demand deposit, savings deposit, time deposit or other account or instrument on which the holder is directly liable with a designation for payment upon death or other nonprobate designation making it transferable on death;

(2) a security registered in beneficiary form; or

(3) a pension, profit-sharing plan, retirement account such as an IRA, 401(k), 403(b), or other employment-related benefit plan.

"Beneficiary designation" does not include designation of a beneficiary made as part of an annuity or an insurance policy.

"Charitable organization" means an entity that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code.

"Holder of property" means any entity that has possession of or is responsible for property subject to a beneficiary designation.