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The Illinois transfer on death instrument allows an owner of residential real property to designate one or more beneficiaries who will receive interest in the property on the owner's death, bypassing probate.
How do I transfer a deed after death in Illinois?
After your death, the person you gave your property to in the TODI will have to file the Notice of Death Affidavit and Acceptance of Transfer on Death Instrument with the same Recorder of Deeds office where the TODI is recorded. This must be done within 2 years of your death.
Where do I get a transfer on death deed in Illinois?
For the transfer-on-death deed to be effective, the owner must record it the in the office of the public records for the county or counties where the property is located.
Does Illinois allow transfer on death deed?
An Illinois transfer-on-death instrument (also known as an Illinois TOD deed form) transfers property automatically when a property owner dies. It functions in much the same way as a beneficiary designation on a bank account.
Can property be transferred without probate?
Probate is not required to deal with the property but may be needed if the deceased's estate warrants it. Much will depend on what the deceased owned and what the beneficiaries intend to do with the property.
illinois todi form
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Paying for a TOD deed could be a complete waste of money. ... TOD deeds put private estate planning in the public eye. ... TOD deeds don't completely avoid probate. ... For most folks, TOD deeds don't offer significant tax benefits. ... TOD deeds can complicate future estate planning.
What is the advantage of transfer on death?
The primary advantage of a transfer on death deed is to avoid the probate process. If a property owner has executed a transfer on death deed, then as soon as the property owner dies, that property passes to the person named. The beneficiary does not have to go to court.
Can property be transferred without probate?
Probate is not required to deal with the property but may be needed if the deceased's estate warrants it. Much will depend on what the deceased owned and what the beneficiaries intend to do with the property.
Are TOD accounts a good idea?
The most important benefit of a TOD account is simplicity. Estate planning can help minimize the legal mess left after you die. Without it, the probate system can take over the distribution of your assets. It can also name an executor of your estate and pay off your remaining debts with your assets.
Is a TOD better than a trust?
TOD Deeds Are Less Expensive and Less Complicated Than Living Trusts. A transfer on death deed is a simple document that identifies the owners of the real estate, the legal description of the real estate, and the beneficiaries who will inherit the property when the current owners die.
transfer on death deed illinois form
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755 ILCS 27/ Real Property Transfer on Death Instrument Act.
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