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Monday, December 19, 2011
Thursday, December 1, 2011
Oak Lawn Elder Law | Transfer Your Home on Death by a Special Deed
The Illinois Residential Real Property Transfer on Death Instrument Act allows for transferring Illinois residential real estate at death without the need for probate. The Transfer on Death Instrument TODI must be executed with the same formalities as a will. In addition to regular real estate deed requirements, you must sign the TODI before two witnesses who must attest to the owner’s capacity. A TODI can be revoked, but revocation must be recorded to be effective. During the owner’s lifetime, the designated beneficiary has no rights or interest in the property. So what does this mean for you?
If you do not want a trust, or can not afford a trust, this law allows you to speak with an attorney about a lower cost option to transfer your home outside of the probate process. An attorney can draft the proper deed and ensure that this act is properly complied with so that you can avoid probate for your home. This deed is a great option for Estate Planners, Clients, and Beneficiaries. It is important to know that this law is brand new. Your estate plan does not include this law. It becomes effective on Jan. 1, 2012. This is why it is important that you speak to an attorney often to ensure that your estate plan includes all of the tools that are currently available to you. Call my office to schedule an appointment to check on the state of your documents.
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