Illinois Transfer on Death Instrument for Condos
May 8, 2024
Illinois TODI: Pass Your Chicago Condo Without Probate
A Transfer on Death Instrument (TODI) is a powerful tool for Chicago condo owners who want to avoid the lengthy and sometimes costly probate process in Cook County. With a properly executed TODI, you can ensure your property passes directly to your chosen beneficiaries after your death, without the need for court involvement.
How a TODI Works in Illinois
Simple transfer: A TODI allows you to name one or more beneficiaries who will automatically receive your condo upon your death.
No probate required: The property passes outside of probate, saving time and reducing legal expenses for your loved ones.
Flexibility: You retain full ownership and control of your condo during your lifetime. You can revoke or change the TODI at any time, as long as you have capacity.
Record acceptance: All beneficiaries must record their acceptance of the transfer with the county recorder within 30 days of your death. Failing to do so can result in delays or loss of the transfer.
Important Caveats
Proper execution: The TODI must be signed, witnessed, and notarized according to Illinois law. Mistakes in execution can invalidate the instrument.
Debts and liens: The property remains subject to any mortgages, liens, or debts at the time of your death. Beneficiaries take the property “as is.”
Multiple beneficiaries: If you name more than one beneficiary, specify how the property will be divided or held to avoid future disputes.
Other estate assets: A TODI only covers the property listed in the instrument. Other assets may still require probate or separate planning.
Using a TODI can be a straightforward way to pass your Chicago condo to loved ones, but it’s important to follow all legal requirements and keep your documents up to date.
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Disclaimer: This blog post provides general information for educational purposes only. It is not legal advice. Outcomes can vary based on your personal circumstances and the evidence available.