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In 2012 the Illinois Residential Real Property Transfer on Death Instrument Act became Illinois law. This act authorized the use of a new deed called the Transfer on Death Instrument (“TODI”). This new tool allows the transfer of residential real estate outside of probate for decedents dying after January 1, 2012.

A properly drafted and fully executed estate plan will always be your best line of defense for the transfer of your wealth upon your death.  However, the TODI can be a beneficial tool for certain individuals.  After meeting, talking with, and getting to know your entire financial situation, I can determine whether the TODI is the right course of action for you and your family.

Just as when you buy or sell real estate, the TODI must be filled out properly, signed, notarized, and filed with the county where the property is located.  Regardless of what else is in your estate, the real estate will not have to go through probate. The act allows an individual, or joint owners to transfer the residential property to one or more beneficiaries.  Keep in mind, this document is revocable.  You can change your mind at any time, even if the instrument contains contrary language.  Additionally, you can always change beneficiaries, so long as you have your capacity. The TODI has no effect on the property until after your death, so selling or refinancing it in the meantime is no problem.

The transfer on death act is a powerful estate planning tool in the state of Illinois.  This tool is available to make sure your family inherits as much as possible without having to pay taxes or suffer through the probate process.  Please contact us today for all your estate planning needs.