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"Transfer on Death" for Real Estate

There is a new law in Illinois that allows you to transfer residential real estate upon your death without having it go through the probate process. The law is called the Illinois Residential Real Property Transfer on Death Instrument Act, and it went into effect on January 1, 2012. The instrument is called a Transfer on Death Instrument (TODI).

The TODI is nontestamentary, meaning that you do not have to include the property in your will and thereby require it to pass through probate. Upon the owner's death, the property will transfer to the designated beneficiary-as long as the beneficiary comes forward within two years of the owner's death and appropriately claims the property. The new law is complicated, so be sure to consult with a professional to assist you.

This website is not intended to constitute legal advice or the provision of legal services. By posting and/or maintaining the website and its contents, Lucas Law does not intend to solicit business from clients located in states or jurisdictions outside of Illinois wherein Lucas Law or its individual attorney(s) are not licensed or authorized to practice law.

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