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

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

Archive