Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois

Posted: October 3, 2011

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.

Transfer on death instruments can be revoked at any time during the property owner’s life. They have the added benefit of protecting the home from the claims of creditors of the beneficiary during the owner’s lifetime. Disadvantages include a lack of flexibility such as who would receive the property if the beneficiary predeceases the owner and an inability to avoid estate taxes.
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.