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Transfer on death instrument authorized. An owner may transfer real property by a transfer on death instrument to one or more beneficiaries in any form of ownership valid under State law, concurrent or successive, absolute or conditional, contingent or vested, effective at the owner's death.

Upon the death of the grantor, the property transitions to the beneficiary without undergoing probate. This process, however, does have its drawbacks. It restricts the ability of the grantor to modify the beneficiaries or the distribution of assets, potentially compromising the rights of other potential heirs.

There are three basic requirements for properly executing an TODI: 1) it must conform to the recording requirements of a typical deed, and be executed, witnessed and acknowledged as required under the Act; 2) it must state that the beneficiary is to receive the property at the owner's death; and 3) it must be recorded ...

A TODI can be helpful in avoiding probate court, but often a TODI needs to be paired with other legal documents to ensure that you are covered during all of life's twists and turns.

You and two witnesses must sign the TOD instrument while in the presence of a notary public, and then record (file) the document with the county recorder of deeds before your death. (See "Finalizing the Document.") Otherwise, it won't be valid. You can make an Illinois transfer on death instrument with WillMaker.

In Illinois, a “transfer on death instrument”, or “TODI”, allows an owner of residential real property to designate one or more beneficiaries who will receive interest in the property on the owner's death, bypassing probate court.

Potential complications include tax implications, the restriction on the grantor's ability to modify beneficiaries, unintentional disinheritance of family members, and increased responsibilities and liabilities on the beneficiary. TOD deeds also require understanding and adhering to specific state laws.

Although different jurisdictions require different elements for a valid deed, the following elements are generally required: The names of the grantor and the grantee, and words of conveyance such as ?grant, convey, assign, transfer, and give,? any of which demonstrate the grantor's intent to pass title to the grantee.

Illinois deeds must meet the following content requirements: Current owner (grantor) and new owner (grantee) name and address. An Illinois deed that transfers title to real estate must include on the face of the document the names and addresses of the current owner and the new owner. Granting clause.