Ladybird Deed Illinois With Trust
Description
How to fill out Illinois Lady Bird Or Enhanced Life Estate Deed - Individual To Individual?
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FAQ
However, Lady Bird deeds are not recognized in Illinois. Nonetheless, similar outcomes can often be achieved through the use of a revocable living trust or a TOD deed, as previously discussed.
Illinois permits Transfer-on-Death (TOD) deeds, allowing property owners to pass real estate directly to beneficiaries without going through probate.
Lifetime Gift One way to avoid probate is to simply give property away during your lifetime. Because a gift of property removes it from your probate estate, there is no need to probate the property when you die. An Illinois quit claim deed can be used to give property to your family or loved ones during your lifetime.
Disadvantages. The downside is that property transferred via a lady bird deed will be subject to a new tax assessment that could (and often does) result in higher property taxes generally.
Like a Lady Bird Deed, a trust avoids probate. Unlike a Lady Bird Deed, however, the assets that can be in a trust are more than just the family home. So, for those who have extensive assets or want to protect more than just the family home, a trust can be a good estate planning tool to use.