DGAA bLAWg

The Illinois Transfer on Death Instrument: What is It, and Why Do You Need It?

Web Admin - Monday, July 24, 2017

Arlington Heights wills and trusts attorneysOne of the more frustrating aspects of estate planning is the risk of probate. In fact, most estate owners will do anything they can to prevent it from happening. They know that it can lower the estate’s overall value, and they would prefer that those assets go to their beneficiaries. If one of the items they want to transfer upon death is real estate, owners can opt for the Illinois Transfer on Death Instrument (TODI). What is this estate planning document, and when should you use it? The following information explains, and it provides details on how to determine if it may be appropriate for your estate planning needs.

What is the Transfer on Death Instrument?

Covered under the Illinois Residential Real Property Transfer Act, TODI documents lets owners transfer real estate property to their beneficiaries upon death, without the risk of probate. It does this through a non-testamentary transfer. Able to be used by single and joint owners, these documents have many of the same requirements as will drafting (owner must be of sound mind and not under duress, document must be prepared by the owner or an attorney, etc.), but they do not necessarily replace a will for owners with expansive estates.

Meeting the Validity Requirements

A Transfer on Death Instrument may be signed either by a single owner, or jointly. Keep in mind that it does not have to be signed by all owners, but it does not remove joint tenancy if another owner has not signed it. A TODI must also comply with all deed requirements, and it must state that the property transfers upon the owner’s death (or owners’, if joint signed). Further, the document must be recorded in the county or counties in which the property is located. Should the owner ever want to revoke the TODI, they are permitted to do so. However, if the TODI is joint signed, both parties must revoke the transfer to be considered a valid revocation.

Should You Use One?

There are many complexities and nuances in estate planning, and any one of them could determine whether a TODI is right for your situation. As such, it is highly recommended that estate owners seek legal assistance with their estate planning needs. Contact Drost, Gilbert, Andrew & Apicella, LLC. Skilled and experienced, we can help you find the creative solution that is most suitable for your needs. Schedule a personalized consultation with our Arlington Heights wills and trusts lawyers to learn more. Call 847-934-6000 today.


About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.

Source:http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3382&ChapterID=60


Recent Posts


Tags

Illinois lawyer Crystal Lake employment law attorney Crystal Lake insurance lawyer criminal law Illinois jet ski accident lawyer jet ski driving employment law real estate closing Illinois trusts attorney breathalyzer test Inverness accident lawyer Rolling Meadows criminal attorney Rolling Meadows employment law attorneys marijuana crimes attorney car accidents Buffalo Grove probate lawyer Deer Park workers compensation lawyer dealing with problem employees field sobriety test Barrington employment law attorney expungement Landlord Tenant Ordinance Barrington criminal lawyer Schaumburg elder law lawyer Chicago estate planning lawyer Deer Park employment law attorney workplace sexual harassment POA Rolling Meadows boating crash lawyer Inverness estate planning lawyer license suspension Illinois red light cameras Crystal Lake law firm insurance disputes personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys liens Illinois Workers’ Compensation Commission preventable medical errors drunk driving statistics Illinois tax attorney criminal natural gas explosion comp time swimming pools Illinois car accident attorney vacation home installment contracts Illinois medical malpractice claim Rolling Meadows car accident lawyers Illinois medical malpractice lawyers spinal cord injuries Detainer Actions uninsured motorist real estate wrongful termination Des Plaines brain injury car collision Illinois construction accident attorney drunk driving home inspection lawyer Inverness injury lawyer estate planning for college students license Schaumburg civil litigation attorney Illinois collections attorney Fair Labor Standards Act Illinois employment law attorneys bad faith insurance claims Deer Park DUI lawyer Des Plaines injury law firm overtime violations Illinois traffic attorney Mount Prospect elder law attorney cell phone pedestrian-automobile accident federal regulations for LLCs digital assets Palatine corporate attorney motorcycle accident lawyer pet bites Illinois employment laws Illinois attorney Arlington Heights lawyer golf accidents Crystal Lake business law attorneys speeding Des Plaines personal injury attorney Chicago biking tips dog bites college kids Des Plaines DUI attorney Buffalo Grove traffic attorney Illinois workplace discrimination attorney Schaumburg car accident attorney wills construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation rollover accidents filing a medical malpractice claim ACA Illinois workplace lawyer Barrington personal injury attorney medical malpractice compensation South Barrington real estate attorney living trust benefits employment attorney car accident lawyers Rolling Meadows business lawyer trauma after an accident Illinois personal injury lawyers Illinois employment law firm mortgage Inverness personal injury attorney traumatic brain injury sexual harassment compensatory time Rolling Meadows insurance lawyer Palatine business attorney Arlington Heights insurance attorney civil litigation Retaliatory Discharge hiring employees healthcare claims real estate attorney Schaumburg contracts Schaumburg construction accident lawyer Des Plaines claims law firm Deer Park personal injury lawyer wrongful death pain and suffering Arlington Heights criminal lawyer estate planning Illinois Smoke Detector Act wills and trusts deadly crashes trucking accident lawyers Illinois bicycle safety Illinois traffic ticket lawyer gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys FMLA involuntary manslaughter Rolling Meadows insurance dispute lawyers, insurance dispute traffic violations traffic laws investment property Schaumburg employment attorney Policy Cancellation Illinois estate planning law firm BUI Illinois personal injury lawyer murder defense insurance adjusters Arlington Heights employment law attorneys Inverness real estate lawyer vacation home fines DNR breach of contract independent contractor Inverness traffic law firm estate planning attorney Crystal Lake employment lawyer financial advisors Illinois Probate Act of 1975 Palatine civil attorney Des Plaines Traffic Lawyer Arlington Heights wills and trusts lawyer Illinois pet lawyer new real estate form Crystal Lake will lawyer Des Plaines real estate attorney hit and run accident Class A misdemeanor federal crimes Schaumburg traffic lawyer employee discrimination DUI defense insurance claim dispute Exclusions Illinois insurance claims lawyers Illinois probate lawyer Illinois employment attorneys traffic violations defense Des Plaines collections attorney Palatine real estate lawyer digital information Palatine employment law lawyer marijuana estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Food and Drug Administration's Food Safety Modernization Act Buffalo Grove law firm sexual images no contest clauses construction accidents digital media accounts, estate planning, Arlington Heights estate planning attorney, car accident lawyer Barrington workers compensation attorney Rolling Meadows DUI lawyer Barrington employment attorney IRS Deer Park medical malpractice attorney Home Remodeling Repair Act medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Chicago car accident lawyer DUI penalities insurance claim dispute attorney Des Plaines drug lawyer Colin H. Gilbert insurance dispute attorney Deer Park criminal attorney Illinois Transfer on Death Instrument Illinois estate planning Rolling Meadows personal injury attorney Buffalo Grove corporate attorney rest breaks Rolling Meadows insurance dispute lawyers underage DUI Arlington Heights estate planning attorney distracted driving accident victims Barrington personal injury lawyer blended families Palatine Attorney fatal car accidents Des Plaines insurance attorney Crystal Lake bike accident lawyer insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys Buffalo Grove injury lawyer Arlington Heights medical malpractice lawyer Affordable Care Act Arlington Heights trucking lawyer commercial leasing Schaumburg drug defense lawyer Barrington criminal defense lawyer commercial leases Illinois will lawyer Arlington Heights traffic attorney in terrorem provision Illinois business lawyer cell phone tower data holiday statistics meal breaks Crystal Lake pet attorney Rolling Meadows employment attorney Long Grove real estate lawyer insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Illinois pedestrian accident attorney drugs drug crime Self-Directed IRA Accounts pedestrian injuries, pedestrian fatality business litigation Palatine trusts lawyer dram shop law Deer Park motorcycle accident lawyer IRA benefits criminal defense homestead rights license reinstatement distracted driving accidents Buffalo Grove medical malpractice lawyers insurance agent negligence Illinois traffic laws condo association sole proprietorship car crash trust payments changes to mortgage law Thanksgiving insurance agents Palatine corporate law attorneys hands free device civil litigation attorney Chicago will attorney, social media platforms, Illinois estate planning lawyer, attorney fees Buffalo Grove car accident lawyer Illinois LLC creation pay when paid contract Illinois medical malpractice attorney underinsured motorist automated cars civil rights violation employment law, Illinois employment laws caregiver construction contracts probate fees TBI Deer Park real estate law firm life insurance trusts Des Plaines personal injury lawyers Illinois living will Crystal Lake criminal defense attorney living wills liability claims Chicago insurance claim attorneys employee misclassification Inverness DUI lawyer defective products natural gas Palatine traffic accidents loss of consortium Crystal Lake medical malpractice attorneys Rolling Meadows insurance attorney murder charges Buffalo Grove employment lawyer Barrington attorney pedestrian accident Rolling Meadows probate lawyer Deer Park traffic lawyer personal injury lawyer Crystal Lake tax lawyer reckless homicide probate lawyer Illinois medical malpractice case Barrington injury attorney Chicago employment lawyer drug crimes lawyer Employment Discrimination Law Illinois insurance claim dispute lawyers disability benefits Arlington Heights Traffic Lawyer health insurance dispute Schaumburg personal injury lawyers car accident rollover car crashes Illinois mortgages Crystal Lake civil litigation lawyer Illinois business law atorneys Illinois traffic attorneys consent to a search Barrington Traffic Lawyer real estate zoning revenge porn Palatine insurance lawyer anesthesia errors Long Grove real estate attorney Illinois defective products attorney Palatine construction attorney Kenilworth estate planning lawyer living trust vs will Crystal lake insurance dispute attorney FSLA employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys creditors defective products lawyer Crystal Lake estate planning lawyer commercial real estate Illinois corporate lawyer Federal Food Drug and Cosmetic Act estate tax pregnant women pizza emoji Des Plaines real estate lawyer capital gains tax whistleblower protections drug possession Des Plaines accident attorney Illinois Sales Representative Act personal injury Illinois registered agent auto accidents Chicago insurance law firm Inverness real estate attorney Crystal Lake injury attorney right to work startup company license revocation Illinois civil litigation lawyer Illinois trucking safety Chicago attorney CAM Schaumburg criminal law attorney employee rights employees Crystal Lake personal injury attorney tax attorney healthcare traffic offenses senior citizens BAC Rolling Meadows accident lawyer Riverwoods estate planning lawyer life insurance lawyer estate planning trusts Barrington real estate lawyer Long Grove estate planning attorneys minimum wage personal injury claims Mount Prospect wills and trusts lawyers Barrington estate planning lawyer living trust spinal cord injury owner responsibility Home Sale Contingencies Crystal Lake pedestrian accident lawyer subcontractor Palatine employment lawyer Rolling Meadows drug defense attorney Arlington Heights car accident lawyer DUI Palatine traffic lawyer Schaumburg personal injury lawyer Palatine employment attorney gift taxes Schaumburg Attorney overtime pay Arlington Heights personal injury lawyer foreclosed rental property Palatine punch death Barrington Illinois estate planning lawyer Schaumburg probate attorney pedestrian accidents PTSD Mount Prospect real estate lawyer personal injury claim Illinois employee rights attorney. Illinois insurance disputes Colin Gilbert Chicago trucking accident attorney DUI attorney Inverness corporate attorney forming a corporation in Illinois Buffalo Grove traffic lawyers Schaumburg insurance lawyers Crystal Lake medical malpractice lawyer cell phone accidents Des Plaines civil attorney trucking accidents Des Plaines tax law firm landlord tenant law Rolling Meadows personal injury lawyers Des Plaines motorcycle accident attorney Transfer on Death Instrument pet law crossover accidents Jay Andrew underfunded trust unauthorized overtime taxes real estate contract controlled substance traumatic brain injuries medication errors Barrington medical malpractice lawyers Illinois workers compensation attorney operating agreements Chicago corporate attorney llinois Real Estate Lawyers Association Crystal Lake accident attorney Illinois home inspection Schaumburg employment law attorneys Rolling Meadows medical malpractice lawyers estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, Crystal Lake employment attorney Rolling Meadows personal injury lawyer work unions trench injuries Arlington Heights tax lawyer probate claims process surgical mistakes boating DUI Inverness elder law lawyer Illinois estate planning attorney Schaumburg estate planning lawyer products liability Schaumburg wrongful death attorney preventing accidents Arlington Heights accident attorney insurance claim denial Arlington Heights pedestrian accidents Buffalo Grove criminal defense lawyer personal injury law firm Des Plaines medical malpractice attorney Chicago estate planning DMV Palatine estate planning lawyer Chicago will attorney back injuries Buffalo Grove personal injury attorney social media after death Palatine drug lawyer Illinois insurance dispute lawyers insurance denials Schaumburg real estate lawyer income distribution deducation Kenilworth estate planning attorney Long Grove estate planning attorney Long Grove wills and trusts attorneys estate plan estate attorney Arlington Heights wills and trusts lawyers denied insurance claim comparative negligence Rolling Meadows criminal lawyer landlord Chicago traffic lawyer elder law guardianship attorney unfunded trust Illinois employment law Illinois personal injury insurance claim car crashes Rolling Meadows litigation lawyer insurance claims Illinois boating accident lawyer Super Mario problem employees probate process icy parking lots Crystal Lake medical malpractice law firm Illinois traffic accident lawyer digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers Des Plaines personal injury lawyer Palatine law firm liability Arlington Heights wills and trusts attorney drug crimes Barrington litigation attorney manufacturing elder abuse employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Illinois Human Rights Act School Visitation Rights Act Des Plaines drug crimes lawyer Rolling Meadows unpaid overtime Arlington Heights injury attorney medical malpractice nursing home negligence Illinois driving without license power of attorney for healthcare wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Palatine probate lawyer Arlington Heights car crash attorneys Illinois rollover accident lawyers denial of life insurance mass shooting Schaumburg estate planning attorney internet privacy job lawyers employment lawyer product liability Barrington business law firm Barrington employment law firm bicycle dooring accidents Buffalo Grove personal injury lawyer real estate leasing Schaumburg medical malpractice lawyer Crystal Lake traffic attorney real estate lawyer Schaumburg criminal attorney motorcycle accident loopholes Des Plaines criminal attorney Rolling Meadows tax attorney Illinois speeding lawyer Illinois personal injury attorney blood alcohol content IRELA Do Not Resuscitate personal injury attorney deed transfer Des Plaines pet law attorney Palatine criminal defense lawyer slip and fall ObamaCare eluding a police officer Palatine injury attorney insurance negligence Rolling Meadows Attorney fault based insurance premises liability Chicago lawyer foreclosure Crystal Lake car accident attorney Illinois DUI attorney Arlington Heights TBI attorney bike accident boating accidents Inverness probate lawyer Inverness civil lawyer wage theft Barrington civil litigation attorney Chicago employment attorney advance healthcare directive Crystal Lake car accident lawyer suspended license Palatine elder law attorney paid sick leave insurance dispute Joliet general practice lawyers condo insurance attorney Illinois wrongful termination lawyer workers compensation Illinois insurance attorney Arlington Heights personal injury attorney murder Illinois insurance lawyer Illinois job attorney traffic tickets life insurance policy Mt Prospect Attorney Palatine civil litigation lawyer Illinois insurance claim attorney Barrington drug crime attorney Schaumburg corporate attorney traffic accidents Rolling Meadows real estate attorney Forcible Entry appealing an insurance claim medical research Rolling Meadows estate planning attorney life insurance claims head on collisions unpaid assessment Schaumburg injury lawyer employment contract severance agreements food poisoning Barrington boating accident attorney Rolling Meadows employment law attorney power of attorney caretaker rights Deer Park traffic accident attorney Palatine workers compensation lawyer insurance claim denials Illinois motorcycle accident lawyer Long Grove estate planning Barrington estate planning attorney Illinois employment lawyer irrevocable trust Illinois employment law attorney Palatine personal injury lawyer medical malpractice claims DGAA workers comp Rolling Meadows Traffic Lawyer Crystal Lake personal injury lawyer residential real estate traffic crimes Buffalo Grove real estate attorney Illinois law GM ignition switches child safety small business Illinois insurance claim dispute lawyer Arlington Heights employment attorney Buffalo Grove insurance claim dispute lawyers texting while driving Arlington Heights real estate lawyer Illinois injury lawyer estate planning lawyer bicycle accidents ken apicella Attorney Ken Apicella Arlington Heights wills and trusts attorneys Fourth of July dynasty trusts real estate attorneys accidental death benefits IRA trust transfer personal injury accidents jet ski accidents insurance denial appeals rent to own real estate contracts slip and fall accidents truck collisions special needs trust workers compensation benefits traffic deaths Whistleblower Claims Illinois small business Illinois real estate Deer Park accident attorney rumble strips agent privacy laws Legal Info probate LLCs Rolling Meadows corporate lawyer Illinois institutional trustee clemency insurance claim delay Liquor Control Act Arlington Heights Attorney Rolling Meadows marijuana attorney Kenilworth estate planning attorneys Crystal Lake traffic lawyer modern family estate planning Illinois Wage Payment and Collection Act trustee texting and driving Illinois workers compensation lawyer Rolling Meadows traffic attorney boating under the influence corporate law Schaumburg personal injury attorney first degree murder Rolling Meadows traffic law firm low-ball insurance settlement South Barrington real estate lawyer Illinois wills and trusts attorneys Illinois wills and trusts Illinois elder law attorney car crash injuries fiduciary rule delay Inverness insurance attorney Family Medical Leave Act Illinois criminal defense attorney fiduciary rule criminal record digital evidence BAIID denied insurance claims Schaumburg estate attorney medical marijuana probate claims Illinois real estate lawyer

Archive