Beginning January 1, 2012, transfer on death instruments will be legal in Illinois. This document can be recorded on the public land records and will transfer ownership of your residence to your designated beneficiary(s) upon your death so long as the person(s) named record a timely document accepting the ownership. The transfer on death document can help some people avoid the need to have a will or to probate their estate when their only asset with substantial value is their home.
The requirements for a transfer on death instrument are very technical and should only be done with the assistance of a competent attorney. Contact us to find out if a transfer on death instrument is right for you and to see if you can use one to save you and your heirs time and money.