The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary.
815 ILCS 10/6
Effect of registration in beneficiary form and cancellation
Known as the Uniform TOD Security Registration Act
The act spans §§ 815-10-0-01 to 815-10-9 (13 sections).
P.A. 88-577, eff. 1-1-95.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.