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

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

Archive