755 ILCS 5/2-7
2021 Illinois Compiled Statutes|Chapter 755 - ESTATES|755 ILCS 5/ - Probate Act of 1975.|Article II - Descent And Distribution

 (from Ch. 110 1/2, par. 2-7)Sec. 2-7. Disclaimer.(a) Right to Disclaim Interest in Property. A person  to whom any property or interest therein passes, by whatever means,  may disclaim the property or interest in whole or in part by delivering  or filing a written disclaimer as hereinafter provided.  A disclaimer may  be of a fractional share or undivided interest, a specifically identifiable  asset, portion or amount, any limited interest or estate or any property  or interest derived through right of survivorship.  A powerholder, as that term is defined in Section 103 of the Illinois Trust Code, with respect to property shall be deemed to  be a holder of an interest in such property.The representative of a decedent or ward may disclaim on behalf of the  decedent or ward with leave of court.  The court may approve the disclaimer  by a representative of a decedent if it finds that the disclaimer benefits  the estate as a whole and those interested in the estate generally even  if the disclaimer alters the distribution of the property, part or interest  disclaimed.  The court may approve the disclaimer by a representative of  a ward if it finds that it benefits those interested in the estate generally  and is not materially detrimental to the interests of the ward.  A disclaimer  by a representative of a decedent or ward may be made without leave of court  if a will or other instrument signed by the decedent or ward designating  the representative specifically authorizes the representative to disclaim  without court approval.The right to disclaim granted by this Section exists irrespective of any  limitation on the interest of the disclaimant in the nature of a spendthrift  provision or similar restriction.(b) Form of Disclaimer.  The disclaimer shall (1) describe the property  or part or interest disclaimed, (2) be signed by the disclaimant or his  representative and (3) declare the disclaimer and the extent thereof.(c) Delivery of Disclaimer.  The disclaimer shall be delivered to the  transferor or donor or his representative, or to the trustee or other person  who has legal title to the property, part or interest disclaimed, or, if  none of the foregoing is readily determinable, shall be either delivered  to a person having possession of the property, part or interest or who is  entitled thereto by reason of the disclaimer, or filed or recorded as hereinafter  provided.  In the case of an interest passing by reason of the death of  any person, an executed counterpart of the disclaimer may be filed with  the clerk of the circuit court in the county in which the estate of the  decedent is administered, or, if administration has not been commenced,  in which it could be commenced.  If an interest in real property is disclaimed,  an executed counterpart of the disclaimer may be recorded in the office  of the recorder in the county in which the real estate lies,  or, if the title to the real estate is registered under "An Act concerning  land titles", approved May 1, 1897, as amended, may  be filed in the office of the registrar of titles of such county.(d) Effect of Disclaimer.  Unless expressly provided otherwise in an instrument  transferring the property or creating the interest disclaimed, the property,  part or interest disclaimed shall descend or be distributed (1) if a present  interest (a) in the case of a transfer by reason of the death of any person,  as if the disclaimant had predeceased the decedent; (b) in the case of a  transfer by revocable instrument or contract, as if the disclaimant had predeceased  the date the maker no longer has the power to transfer to himself or another  the entire legal and equitable ownership of the property or interest; or  (c) in the case of any other inter vivos transfer, as if the disclaimant  had predeceased the date of the transfer; and (2) if a future interest,  as if the disclaimant had predeceased the event that determines that the  taker of the property or interest has become finally ascertained and his  interest has become indefeasibly fixed both in quality and quantity; and  in each case the disclaimer shall relate back to such date for all purposes.A disclaimer of property or an interest in property shall not preclude  any disclaimant from receiving the same property in another capacity or  from receiving other interests in the property to which the disclaimer relates.Unless expressly provided otherwise in an instrument transferring the property  or creating the interest disclaimed, a future interest limited to take effect  at or after the termination of the estate or interest disclaimed shall accelerate  and take effect in possession and enjoyment to the same extent as if the  disclaimant had died before the date to which the disclaimer relates back.A disclaimer made pursuant to this Section shall be irrevocable and shall  be binding upon the disclaimant and all persons claiming by, through or  under the disclaimant.(e) Waiver and Bar.  The right to disclaim property or a part thereof or  an interest therein shall be barred by (1) a judicial sale of the property,  part or interest before the disclaimer is effected; (2) an assignment, conveyance,  encumbrance, pledge, sale or other transfer of the property, part or interest,  or a contract therefor, by the disclaimant or his representative; (3) a  written waiver of the right to disclaim; or (4) an acceptance of the property,  part or interest by the disclaimant or his representative.  Any person may  presume, in the absence of actual knowledge to the contrary, that a disclaimer  delivered or filed as provided in this Section is a valid disclaimer that  is not barred by the preceding provisions of this paragraph.A written waiver of the right to disclaim may be made by any person or  his representative and an executed counterpart of a waiver of the right  to disclaim may be recorded or filed, all in the same manner as provided  in this Section with respect to a disclaimer.In every case, acceptance must be affirmatively proved in order to constitute  a bar to a disclaimer.  An acceptance of property or an interest in property  shall include the taking of possession, the acceptance of delivery or the  receipt of benefits of the property or interest; except that (1) in the  case of an interest in joint tenancy with right of survivorship such acceptance  shall extend only to the fractional share of such property or interest determined  by dividing the number one by the number of joint tenants, and (2) in the  case of a ward, such acceptance shall extend only to property actually received  by or on behalf of the ward or his representative during his minority or  incapacity.  The mere lapse of time or creation of an interest, in joint  tenancy with right of survivorship or otherwise, with or without knowledge  of the interest on the part of the disclaimant, shall not constitute acceptance  for purposes of this Section.This Section does not abridge the right of any person to assign, convey,  release, renounce or disclaim any property or interest therein arising  under any other statute or that arose under prior law.Any interest in real or personal property that exists on or after the  effective date of this Section may be disclaimed after that date in the  manner provided herein, but no interest that has arisen prior to that date  in any person other than the disclaimant shall be destroyed or diminished  by any action of the disclaimant taken pursuant to this Section.  (Source: P.A. 100-1044, eff. 1-1-19; 101-48, eff. 1-1-20.)