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

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

Archive