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

Archive