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Transfer on Death Instrument Act signed into law

Public Act 97-555 (Bradley, D-Marion; Wilhelmi, D-Joliet) creates the Illinois Residential Real Property Transfer on Death Instrument Act. It allows an owner of real estate to transfer residential property on his or her death. The definition of "residential property" is borrowed from the Disclosure Act and the Mortgage Foreclosure Act.

The act requires that the owner (1) sign in front of a notary and two credible witnesses and (2) have the same mental capacity to execute a TODI as is required to make a will. This new Act will take effect January 1, 2012.

You may review the text of this Act here. 

Posted on Aug 26, 2011 by James Covington | Comments (0)
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