Scott Bieber, of Thompson Coburn LLP, has made available for download his article, Amendments to the Illinois Residential Real Property Transfer on Death Instrument Act make significant changes, published in JDSUPRA. The abstract is as follows:
On July 9, 2021, Governor Pritzker signed a bill amending the Illinois Residential Real Property Transfer on Death Instrument Act (the “Act”), effective January 1, 2022. That Act has allowed persons owning residential real estate in Illinois to designate a beneficiary of the real estate through a transfer on death instrument (“TODI”), thereby avoiding probate of the real estate at death. It can be very useful especially in a situation in which the owner does not have a revocable trust but does not want to subject his or her heirs to probate.
Posted by Josh Saret, Associate Editor, Wealth Strategies Journal.