01/30/2012
How to Transfer Residential Real Estate and Avoid Probate
The Illinois Residential Real Property Transfer on Death Instrument Act
A new law became effective in Illinois on January 1, 2012 which allows an owner to transfer residential real estate without a will and without the necessity of opening a probate estate. This new law gives the owner tremendous flexibility in giving his or her property to anyone designated by him or her at the time of death. This new document was created by the The Illinois Residential Real Property Transfer on Death Instrument Act 755 ILCS 27/1.
The Transfer on Death Instrument (TODI) must contain certain requirement set forth in the statute the TODI and must be recorded before the owner’s death, in the County where the residential property is located or the instrument will be void and ineffective. 755 ILCS 27/40
This new law gives parents the ability to transfer their residential property to their children without the use of a trust which must be maintained and can be expensive and will give parents the peace of mind to know that their wishes regarding their residential property will be carried out without the cost and uncertainty of probate. Additionally, if parents change their mind the TODI can be revoked or changed at any time.
Contact me if you are interested in this efficient and cost saving way of transferring your property. Gilbert C. Schumm, Attorney at Law 847-559-9109. www.gilbertschumm.com
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