Transfer On Death Instrument Act In Illinois
Effective this year, 2022, Illinois has created a way to transfer real estate at death without needing to go through the probate process. In the past, a residential property owner could sign and record something called a “transfer-on-death instrument” (TODI). However, this document would only work for residential property, not commercial property. This year, though, this expanded to being able to transfer any real estate at death, not only residential. Similar to a payable-on-death or a transfer-on-death account, a TODI can have a named beneficiary that receives property once they present the deceased property owner’s death certificate.
With the recent change, the beneficiary can receive more than just the home of the decedent. Now, they stand to inherit industrial, commercial, and even recreational real estate. As a trusted Bergen County, NJ estate planning lawyer understands, it is still important to realize that you will not avoid estate taxes simply by employing a TODI. If the beneficiary arrangement is especially complicated, a TODI may not be the best course of action. For example, if there are multiple beneficiaries involved or there are minors with disabilities who are named as beneficiaries, a TODI might not be the wisest decision. It is important to work with a competent lawyer who can help you decide on the best estate planning strategy.
Finding the Right Legal Help For Your Estate Plan Needs
Whether you are creating an estate plan in Chicago or are a named beneficiary in a loved one’s estate plan, it is important to seek help from a team you can trust, like the team at Kaplan Law Practice, LLC. Our team can help with will and trust construction, amending an estate plan, general estate plan questions, and the probate process. Any type of estate planning can be extremely difficult and you do not want to accidentally leave something out. You want to know when you are gathering your assets for your estate plan that everything will go to the beneficiaries, charities, or business partners that you want it to.
Get Help For Your Estate Planning Needs Today
It is true that while there are general rules for estate plans, there will be differences depending on the individual person, the type of property they own, and to whom they are leaving their assets. If you are interested in a TODI, speak with one of our lawyers. While it is intended to avoid the probate process, there are still certain issues that may arise that cannot avoid probate. Additionally, our office can help the estate planning process by analyzing the different tax consequences and determining what is relevant in your specific case. Beginning the estate planning process or being named as a person’s beneficiary can be difficult. Whether you are going through part of the estate planning process or the whole process (start to finish) and you need legal help, please reach out to our office. You can count on us to help you navigate estate planning.