This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. This form is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Chicago Illinois Lady Bird or Enhanced Life Estate Deed - Individual to Individual
State:
Illinois
City:
Chicago
Control #:
IL-01-83
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois Lady Bird Or Enhanced Life Estate Deed - Individual To Individual?
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FAQ
Lady bird deeds are only recognized in a handful of states?including Florida, Texas, Michigan, Vermont, and West Virginia?and are a specialized type of life estate deed. Illinois does not recognize lady bird deeds.
Living Trusts In Illinois, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
Temporary Transfer on Death Instruments Flat Fee is $50, the mail handling fee does not apply. For ALL other documents that are submitted via mail, you must include an additional $5 dollars for mail handling on top of the filing fee.
The individual holding the life estate ? the life tenant retains the legal right to possess and use the property during their lifetime. Upon the death of the life tenant, the property passes to the person or person who hold the remainder interest ? without the need for probate.
How to Create an Illinois Transfer-on-Death Deed Meet the requirements for recording the deed; Make it clear that the transfer will take place when the current owner dies; Be signed in front of two witnesses and notarized in the same manner as a will;
Bring your signed TODI form. Tell them you want to record your TODI. 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.
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
It may now be used for any real estate located in Illinois. (The Act will now be called the ?Real Property Transfer on Death Instrument Act.?) Thus, an owner of a commercial building can also use a TODI to avoid probate at death.
If you die without a will in Illinois, your estate and all decisions about your estate will go to your closest relatives. Your assets that fall under intestacy laws include property, bank accounts and retirement savings that you own outright in only your name, and are not co-owned with anyone else.
