Transfer on Death Deed-another option for transfer of real estate at death in Illinois
Transfer of Death Deed DescriptionEffective January 1, 2012, Illinois allows real estate to be transferred via a transfer of death deed to named beneficiaries. The Transfer of Death represents an additional method to transfer real estate at death without a probate proceeding. The deed is created during the owner's lifetime and becomes effective at death. The Transfer of Death deed may be revoked during the owner's lifetime and the owner may mortgage, sale, lease or dispose of the property without notifying the beneficiary.
Transfer of Death Deed RequirementsThe Transfer of Death Deed must be in writing and executed with similar formalities as a Will. The Deed must be witnessed by two witnesses, notarized and the witnesses must attest that the person making the deed is of sound mind. Prior to the owner's death, the deed must be recorded with the office of the recorder of the county or counties in which any part of the residential real estate is located.
Disclaimer:This guide is provided for informational purposes only. Consult an attorney to ensure the requirements for a valid Transfer of Death Deed are met.