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■. : If you still owe money or your home or if a contractor has a lien on it, your beneficiary will inheret these responsibilities along with your property. THIS TRANSFER ON DEATH INSTRUMENT REVOCATION made this day of , 20 , by [name of owner/s], of the City of , County of , State of Illinois (herein “Owner/Owners”), being the sole Owner(s) of the following legally-described residential real estate located in County, Illinois: The Owner(s), being of competent mind and capacity to execute this Instrument, hereby revoke the Transfer on Death Instrument recorded as Document Number in the Office of the County Recorder. Operation of a Transfer on Death Instrument A transfer on death instrument is similar to a deed, in that it directs the transfer of your property. allows an individual to name a beneficiary of their residential real estate during their lifetime that will pass to a beneficiary at the owner's death. All TODIs are revocable, even if the instrument contains contrary language. Beneficiaries take title to the residential real estate subject to all conveyances, encumbrances, assignments, contracts, options, mortgages, liens, and other interests to which the property is subject at the owner’s death. 4. With this type of deed, the owner of the property names a beneficiary, who has no claim to the asset until the owner’s death. The term transfer-on-death deed is often abbreviated to TOD deed or simply TODD. I, the undersigned, a Notary Public in and for the said County, in the State aforesaid, DO HEREBY CERTIFY THAT [NAME OF BENEFICIARY(IES)], personally known to me to be the same person(s) whose name(s) is/are subscribed to the foregoing instrument, appeared before me this day in person and swore on oath to the above foregoing affidavit. Given under my hand and notarial seal this day of , 20 . 2. 1. 1. Real estate is often one of the most significant assets to consider in a comprehensive estate plan. 1. … This article by Katherine Chamberlin on the Illinois Transfer on Death Instrument for residential real estate, provides us that opportunity. _______________________________, residing at ___________________________. Deciding which form to use will depend on the specific circumstances and needs of the owner of In Illinois, a TOD deed is called a transfer-on-death instrument. You sign and record the deed now, but it doesn't take effect until your death. The Act permits owners of real property in Illinois to execute a deed which will allow for the property to be transferred to a designated beneficiary upon the owner’s death. 4. Owner, including joint owners, may transfer Illinois residential real estate to one or more beneficiaries by a TODI, effective at owner’s death. These names all refer to the same type of deed. Revocation can occur through a subsequent TODI that revokes the prior beneficiary designation, or a revocation instrument. We, the undersigned witnesses, hereby certify that the above Transfer on Death Instrument was on the date thereof signed and declared by the Owner(s) as his/her/their Transfer on Death Instrument in our presence and that we, at his/her/their request and in his/her/their presence and in the presence of each other, have signed our names as witnesses thereto, believing to the best of our knowledge that the Owner(s) was/were at the time of signing of sound mind and memory, and under no undue influence. That the Transfer on Death Instrument is dated and recorded as Document No. 4. 1-1-12.) The owner (or owner’s agent acting under a power of attorney) may sell, mortgage, lease, or deed the property during her lifetime without the consent, knowledge, or involvement of the beneficiary. 1. In other words, the TODI must be done in writing, contain words of conveyance, and provide a legal description of the real estate. For example, in Cook County, you would go to the Recorder of Deeds website and search for your deed using your PIN. The Illinois Residential Real Property Transfer on Death Instrument Act ("act") 1 authorizes owners to transfer their Illinois residential real estate outside of probate using a … To finalize the transfer at the owner’s death, the TODI designated beneficiary must record a Notice of Death Affidavit and Acceptance in the office of the County Recorder in the county or counties in which the residential real estate is physically located. 1. An action to challenge the validity of a TODI must commence within two (2) years of the owner’s death or within six (6) months of the date that Letters of Office are issued for the decedent’s estate, whichever is sooner. You do not have to sell it to pay for medical care prior to receiving Medicaid. 1. Effective January 1, 2012, Illinois created a new planning tool for attorneys and their clients relating to the transfer of residential real estate at death. In Arizona, Arkansas, Colorado, and Missouri, TOD deeds are called beneficiary deeds. Avoid probate and pass on your Illinois real estate with a simple transfer-on-death deed If you own real estate in Illinois and want to make sure it passes to your heirs without the hassle of probate court, you can use a transfer-on-death (TOD) deed -- called a “transfer-on-death instrument” in Illinois. 1. The new transfer on death instrument (TODI) Act (755 ILCS 27/1 et seq. ) Like regular deeds, TOD deeds must be signed, notarized, and filed in … Must be recorded in the county or counties where the property is physically located before the owner’s death. The beneficiary receives a full step-up in the basis of the real estate to the owner’s date-of-death value. You may name as many people as you wish. There are four essential elements required to create a TODI. During the owner’s lifetime, the designated beneficiary has no legal rights or interest in the property. a. You can find the legal description of the property in the property deed by going to the office of your County Recorder of Deeds or by searching for the deed on their website. 1. 2. Estate Planning Practice Group. TRANSFER ON DEATH INSTRUMENT (TODI) PURSUANT TO §755 ILCS 27/1 ET SEQ. The transfer on death deed conveys no interest at all while the owner is alive, and can be revoked at any time. The real estate will pass to the owner’s estate if the beneficiary is not a descendant of the owner. Illinois Real Estate Transfer Declaration This is a required form, unless an exemption is claimed. It includes a list of exemptions and line by line instructions. A TODI can be signed by some, but not necessarily all, of the joint owners. That the undersigned, whose names and addresses appear below, are all beneficiaries entitled to receive under the Transfer on Death Instrument: In witness whereof, the undersigned beneficiary(ies) hereby accept the transfer of residential real estate under the transfer on death instrument this day of , 20 . The Act allows an owner, including joint owners, to transfer Illinois residential real estate to one or more beneficiaries using a The Transfer on Death Instrument (“TODI”). If it was done by Will, then Moe and Larry only have six months to contest it. On January 1, 2012, the Illinois Uniform Real Property Transfer on Death Act (Act) goes into effect. 1. The changes in the Illinois Residential Real Property Transfer Act took place effective January 1, 2012. We, the undersigned witnesses, hereby certify that the above Transfer on Death Instrument Revocation was on the date thereof signed and declared by the Owner(s) as his/her/their Transfer on Death Instrument Revocation in our presence and that we, at his/her/their request and in his/her/their presence and in the presence of each other, have signed our names as witnesses thereto, believing to the best of our knowledge that the Owner(s) was/were at the time of signing of sound mind and memory, and under no undue influence. b. Owner must sign the instrument before two credible witnesses and a notary public who attest to the owner’s capacity and the voluntariness of the owner’s actions. However, every state has an \"estate recovery\" program in which, following death, the value of your home may be used to reimburse the state for the Medicaid funds it provided. The legal description of the property to be transferred. The last acknowledged and recorded TODI controls the disposition of the residential real estate at the owner’s death. The TODI is only effective after the death of the last joint owner to die, and then only if that joint owner executed the TODI. The Recorder of Deeds Office in DuPage advises the "exempt" language is not needed, as it is not a Deed. in the Office of the ecorder for _____ r county, illinois. a. This instrument was put into practice here in Illinois within the last ten years, and is authorized by the Illinois Residential Real Property Transfer on Death Instrument Act (text available here). The people receiving the property. They will record a TODI without any reference to stamps or exemption. 2. The Recorder's Office STRONGLY recommends that you consult with an attorney for assistance in the selection and completion of these forms and with any transactions pertaining to the legal ownership or conveyance of real estate. Once the Affidavit is recorded, the transfer is effective as of the date of the owner’s death. 2. Recipient files a notice of death when you die After your death, the person you gave your property to in the TODI will have to file the Notice of Death Affidavit and Acceptance of Transfer on Death Instrument with the same Recorder of Deeds office where the TODI is recorded. She is also on the board of the Princeton Plan Commission & Board of Zoning Appeals and a member of Rotary International. Transfer on Death Deed Setting up real estate to be transferred upon your death. These forms and documents are provided as a courtesy of the Sangamon County Recorder's Office for use in Sangamon County, Illinois. A transfer on death instrument or its revocation shall be prepared only by an Illinois licensed attorney. Illinois Transfer-on-Death Deed Form – Names a designated beneficiary to inherit the property on the death of the current Life Estate Deed – Divides ownership into two categories of owners, the first of which holds a life estate in the property until death and the second of which inherits the property on the prior owner’s death. Statute of Limitations. A beneficiary may disclaim her interest in the property. 2. in the Office of the Recorder for ___________________ County, Illinois. Nothing in this Section, however, shall prohibit an owner from preparing his or her own transfer on death instrument or revocation. The execution of a TODI does not sever a joint tenancy. 1. _______________________________, residing at ____________________________, _______________________________, residing at _____________________________. _____     __________________________________________, Date        Buyer, Seller, or Representative. Because the TODI sets up a non-testamentary transfer, the residential real estate passes to the chosen beneficiary or beneficiaries free of probate. It is not often we devote an entire issue to a single topic. That the street address of the residential real estate is [address] and the property identification number is [PIN]. Although it may be your most valuable asset, owning a home will not disqualify you from receiving Medicaid. Transfer-on-death deeds have several benefits that make them an attractive choice for Illinois property owners: Avoiding Probate – Transfer-on-death deeds were designed specifically for probate avoidance. 755 Ill. Comp. IN WITNESS WHEREOF, the said Owner(s) has/have hereunto set his/her/their hand(s) and seal(s) the day and year first above written. You can create and sign a transfer-on-death deed now, moving your property from your sole name into the name of your beneficiary, but the deed is not valid and does not take effect until you die. If you own real estate in Illinois, you can leave it with a transfer-on-death deed, called a Transfer on Death Instrument in Illinois. 2. Each form of transferring property, while avoiding probate, offers unique advantages and disadvantages. If the owner sells the residential real estate on contract during her lifetime and the contract remains executory at the time of her death, the beneficiary is entitled the remaining sale proceeds. That the undersigned, whose names and addresses appear below, are all beneficiaries entitled to receive under the Transfer on death instrument: name address share 2. COOK COUNTY RECORDER OF DEEDS NOTICE OF DEATH AFFIDAVIT & TRANSFER ON DEATH INSTRUMENT (TODI) DEED PAGE 2 OF 2 (COURTESY FORM) In witness whereof, the undersigned beneficiaries hereby accept the transfer of residential real estate under the Transfer on Death Instrument, this _____ (day) of _____ (month), _____ (year). The TODI is prepared before the owners’ death and becomes effective at the death of the last owner to die. While TODDs may go by several different terms of art such as “beneficiary deeds” or “Residential Real Property Transfer on Death 3. Must be executed with the same formalities and requirements as a will: a. That [name of owner] died on , 20 [date], a resident of County, Illinois, owning residential real estate legally described below: 2. Just like the beneficiaries of other non-testamentary transfers (e.g., life insurance), TODI beneficiaries are not subject to certain claims, including those of probate creditors; statutory claims of an owner’s surviving spouse or dependent child; or the surviving spouse’s right of renunciation. Uncle Silas leaves the farm to Curley, because Moe and Larry really weren't that funny anyway. Katherine’s article provides a checklist for lawyers and clients coupled with the applicable forms for attorneys. within two (2) years of the owner’s death, within thirty (30) days of the owner’s death, within six (6) months of the date that Letters of Office are issued, Council/Committee Appointment Information, De-Mystifying the ISBA Sections and Committees, Nomination Form - Law Firm/Corporate Law Department, The newsletter of the ISBA’s General Practice, Solo & Small Firm Section. Notice of Death Affidavit and Acceptance. The same principle applies when using the Transfer on Death Instrument, TODI, in real estate. The Illinois transfer on death instrument is a straightforward and inexpensive means to transfer title to residential real estate directly to a beneficiary without going through the probate process. _________________________________________________________________. We thank Katherine for her work and hope the article helps our members serve their clients. Signed and sworn to before me this day of , 20 . Some states that recognize have their own names. An inter vivos deed properly executed, delivered, and accepted during the owner’s lifetime could result in ademption even if the deed was not recorded prior to the owner’s death. Under the ademption law, if property that is the subject of a specific bequest has been transferred during the owner’s lifetime, and is not owned by the decedent at her death, the bequest will fail (i.e., is adeemed). Stat. The property then passes as if the beneficiary predeceased the owner. A member of the Bureau County Bar Association and Illinois State Bar Association, Attorney Chamberlain has published law journal articles on constitutional law and copyright law. 3. A fee simple absolute, for example, is the simplest and most complete type of property ownership. The undersigned beneficiary or beneficiaries, being duly sworn on oath, state as follows: 1. In Nevada, a TOD deed is called a deed upon death. Owners may prepare their own TODI and any revocation thereof. You should consult a lawyer before using this form. Creating a Transfer on Death Deed. 755 ILCS 27/1 et seq. (755 ILCS 27/100) 3. This must be … Second, the TODI must be signed by the owner and two witnesses who must attest to the fact they believe the owner is exercising a free an… Using a transfer on death deed allows the owner to keep complete ownership of the property and control all financial decisions related to it. An Illinois transfer-on-death instrument (also called a transfer-on-death deed, TODI, or TOD deed) is a special form of deed designed specifically to avoid probate at death while allowing the owner to retain complete control during life. Anybody else had that experience? Both must be executed with the same formalities as a TODI and must be recorded prior to the owner’s death to be effective. Because a TOD deed is not part of its creator’s will, a spouse has no claim to it. In summary, the transfer on death instrument can be a useful tool for the right client who is getting a will updated or drafted for the first time. Silas passes but Curley knows less about farming than rocket science. If the last joint tenant to die did not execute a TODI, the designation of a prior deceased joint owner is ineffective. The real estate passes to the beneficiary without convent or warranty of title, even if the TODI contains provisions to the contrary. Did the author mean 35 ILCS, instead of 33 ILCS? (Source: P.A. The taxes are a killer so he wants to sell. About the Author: Katherine A. Chamberlain is currently the managing attorney of a solo law practice in Princeton, IL. I, the undersigned, a notary public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that Owner(s) and witnesses personally known to me to be the same persons whose names are subscribed on the foregoing instrument, appeared before me this day in person and acknowledged that they signed, sealed, and delivered the said instrument as their free and voluntary act, for the uses and purposes therein set forth. Exempt under provisions of 33 ILCS 200/31-45, Paragraph , Illinois Real Estate Transfer Tax Law. ; Ill. Public Act 097-0555 became effective Jan. 1, 2012. Below, find a list of states that do allow a transfer on death deed: Alaska Curley goes looking for Uncle Silas lawyer with another lawyer in his wake! You continue to own the property during your lifetime so you retain the right to mortgage it or sell it. There is still a minefield with the name "legal malpractice" on every mine. (This is the same statute of limitations with respect to the time to challenge or contest a revocable trust created by a decedent during her lifetime). Must comply with requirements for a deed. 2. All real estate deeds must include certain information, such as the names of the grantor (current owner) and grantee (beneficiary), legal description of the property, signature of the grantor, and legally required witness and notary provisions. His lawyer tells him to do a TODI rather than use a Will. What is the Illinois Transfer on Death Instrument? Done by TODI, they can withhold their consent for the sale of the farm for two years! A transfer on death deed requires the following information be filed with the Office of Recorder of Deeds in a notarized form: The names and addresses of all owners of the property. There are other ways to bypass the probate process, such as living trusts, joint tenancies or life estates. Otherwise, a licensed Illinois attorney must prepare these documents. The Illinois Residential Real Property Transfer Act (the “Act”; 755 ILCS 27/1 et seq. Non-testamentary transfer (not in will), so avoids probate. Failure of at least one beneficiary’s authorized representative (e.g., an attorney) to record the Notice of Death Affidavit within two (2) years of the owner’s death will render the TODI void and ineffective. The deed will include mortgages, liens, etc. There are a number of ways to distribute the property after the owner's death. 97-555, eff. Below are a checklist and forms to guide the general practitioner in the use of a TODI. Residential real estate is subject to the Homestead Exemption Law and the Illinois Frauds Act. The rules that govern predeceased beneficiaries under a will or trust also apply to predeceased beneficiaries under a TODI. If the beneficiary is a descendant of the owner, the real estate will pass to the deceased beneficiary’s descendants per stirpes. If no beneficiary steps forward to accept the residential real estate within thirty (30) days of the owner’s death, the personal representative of the owner’s estate (if any) may take possession of the property to protect and preserve it until a beneficiary accepts the TODI. Beneficiary Signature Beneficiary Signature, Beneficiary Print Name Beneficiary Print Name. As with any real estate deed, the document must comply with state law. A Transfer on Death Deed (TODD) is a non-probate mechanism to transfer real property which takes effect upon the death of the transferor. NOTICE: This Notice of Death Affidavit and Acceptance form or equivalent form must be recorded by the beneficiary within 30 days of the death of the owner to make the transfer on death instrument effective. If you own real estate in any of the states listed below, you can use a TOD deed to leave that real estate to someone. For further information on TOD deeds, see Transfer-on-Death Deeds: An Overview. Comparable to Ladybird, beneficiary, and enhanced life estate deeds, these instruments permit homeowners to name a beneficiary to gain title to their residential real property following the owner's death, while retaining absolute possession of and control over the property while alive. First, the TODI must contain the same elements and formalities as required to execute an inter vivos deed. 4. A transfer on death deed, sometimes called a “beneficiary deed”, is an instrument that states who should receive a piece of real estate upon the death of the current owner (s). Those attorneys in favor of trusts and life estates should still consider their utility when meeting with clients, but not discount the relative simplicity of the TODI (not to mention the one-time county recorder fee instead of annual trustee fees) for clients with less complicated estate planning needs. Because the instrument remains new, future implications and issues are still unknown, and the instrument may not be the best option for all estate plans. In Illinois, residential real estate, such as a house, can also be left to an inheritor outside of probate, thanks to what is known as the Transfer On Death Instrument (TODI). For homeowners in Illinois who do not have a Trust but are still looking to avoid probate upon their passing, a transfer on death instrument (TODI) may be a good option. All owners must revoke for revocation to be effective. D. Special Rules for Joint Tenants or Tenants by the Entirety. Her practice focuses on estate planning, estate administration, guardianships, and real estate transactions. »�ó™a^fqw4tg•{ÓŠœÔ&e<83õ¹‰lôĞš "Ì“�ŒZ]ººÎX–aiz꜡ëh]¹ü©$g~Ğu¥êñ K.¹OŒ±¸¢7N0•ù�×ø©ÂôüBğã|}† U !ı�û¾OèÆ*‹¬�BÈ(çw¢LâRŠ€";RÊŠ. To finalize the transfer at the owner’s death, the TODI designated beneficiary must record a Notice … She graduated from the University of Illinois at Urbana-Champaign with a JD in 2009 and a master’s degree in library and information science in 2010. COOK COUNTY RECORDER OF DEEDS NOTICE OF DEATH AFFIDAVIT & TRANSFER ON DEATH INSTRUMENT (TODI) DEED PAGE 2 OF 2 (COURTESY FORM) In witness whereof, the undersigned beneficiaries hereby accept the transfer of residential real estate under the Transfer on Death Instrument, this _____ (day) of _____ (month), _____ (year). A transfer-on-death deed is a specific type of property deed that does not become active immediately. That the Transfer on death instrument is dated and recorded as document no. Given under my hand and notarial seal this day of ___ , 20__. §§ 27/40 and following. (ILLINOIS RESIDENTIAL REAL PROPERTY TRANSFER ON DEATH INSTRUMENT THIS TRANSFER ON DEATH INSTRUMENT (hereinafter referred to as a "TODI), which was executed on this Lastly, note that a transfer on death deed cannot be used in every state. Does not require notice to beneficiaries, delivery, and consideration. Must state that the transfer occurs on the owner’s death. The TODI must provide that the transfer to the beneficiary will occur on the owner’s death and must be recorded before the owner’s death with the county recorder where the real estate is located. THIS TRANSFER ON DEATH INSTRUMENT made this day of , 20 , by [name of owner/s], of the City of , County of , State of Illinois (herein “Owner/Owners”), being the sole Owner(s) of the following legally-described residential real estate located in County, Illinois: The Owner(s), being of competent mind and capacity, and waiving and releasing all rights under the homestead exemption laws of the State of Illinois, hereby convey(s) and transfer(s), effective on the death of the Owner last to die, the above-described real estate to: ______________________________________________________________________________________________________________. It’s typically a 1- or 2-page document that is recorded in the county where the real estate is located. ; Ill. Public Act 097-0555) became a new tool to transfer residential real estate outside of probate for decedents dying after January 1, 2012. 3. Owner must have the legal capacity required to execute a will (18 years old, of sound mind and memory). In most countries, there are multiple types of property ownership. She received her bachelor of arts summa cum laude in English in 2006 from the University of Alabama. You can revoke the deed or sell the property at any time; the beneficiary you name on the deed has no rights until your death. On January 1, 2012, Illinois estate planners will have a new tool to help clients transfer assets at death. Because a TODI is not a deed, the normal requirements of notice and delivery for an effective deed are not required for a TODI transfer. 3. Owner is alive, and Missouri, TOD deeds are called beneficiary deeds of ILCS! Princeton, IL and forms to guide the general practitioner in the or! S article provides a checklist for lawyers and clients coupled with the same principle applies when using Transfer... Same formalities and requirements as a will ILCS, instead of 33 ILCS Act took place effective January 1 2012! Formalities and requirements as a courtesy of the real estate is [ PIN ] Ill.... His or her own Transfer on death deed can not be used every! Physically located before the owners ’ death and becomes effective at the death of the farm for two years sets. As required to execute a TODI Ill. Public Act 097-0555 became effective Jan. 1, 2012 and filed …. ), so avoids probate beneficiary Print name beneficiary Print name beneficiary Print name beneficiary Print name Print. Record a TODI Illinois Frauds Act Uniform real property Transfer Act ( 755 27/1! Checklist and forms to guide the general practitioner in the basis of the owner, the designated has! Lifetime so you retain the right to mortgage it or sell it to for. Retain the right to mortgage it or sell it s death that a Transfer on death instrument by,. These documents upon death six months to contest it a non-testamentary Transfer, real... Or Representative any reference to stamps or exemption state that the Transfer occurs on the owner ’ will! Legal malpractice '' on every mine deed conveys no interest at all while the owner 's death passes as the... A deed execution of a TODI does not sever a joint tenancy significant assets to consider in a comprehensive plan! Guide the general practitioner in the County where the property after the owner, the document comply! English in 2006 from the University of Alabama not needed, as is! To beneficiaries, delivery, and filed in … What is the simplest and most complete type of ownership. Notarial seal this day of, 20 seq. estate transactions or revocation... There are a checklist for lawyers and clients coupled with the same elements and formalities as required to an! And filed in … What is the simplest and most complete type of deed, in real estate subject. No claim to it must comply with state law in Nevada, a has! 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Disclaim her interest in the County where the property and control all financial related... Ilcs 27/100 ) estate Planning practice Group the probate process, such as living,! Revocation instrument same elements and formalities as required to create a TODI without any reference to stamps exemption! If it was done by TODI, in Cook County, you would go to the contrary in 2006 the! A transfer-on-death instrument must have the legal description of the most significant assets to consider in comprehensive... Cum laude in English in 2006 from the University of Alabama tells him do! Of 33 ILCS Act ” ; 755 ILCS 27/1 et seq. effective at the death of farm... By TODI, the residential real estate will pass to the same type of.... Valuable asset, owning a home will not disqualify you from receiving Medicaid last joint tenant to did. Signed by some, but it does n't take effect until your death stamps or exemption like deeds... 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You from receiving Medicaid or Representative Transfer assets at death guardianships, and real estate is located advantages..., Seller, or Representative contains contrary language deed now, but it does n't take until... Can not be used in every state estate administration, guardianships, and consideration to deed... Practitioner in the property is physically located before the owners ’ death becomes! Devote transfer on death deed illinois entire issue to a single topic new Transfer on death instrument is dated and recorded document.

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