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Continuity of Ownership – Because a transfer-on-death deed is not an immediate transfer, it doesn’t alter the character of the property.This gives the property owner the continued ability to change her mind-including canceling the deed, changing the beneficiaries, or changing the terms-as long as she is alive. Retained Control and Flexibility – Transfer-on-death deeds can be changed or even revoked without involving the named beneficiaries.

They allow a person to transfer property to family or loved ones without having to go through the probate process. Avoiding Probate – Transfer-on-death deeds were designed specifically for probate avoidance.Transfer-on-death deeds have several benefits that make them an attractive choice for Illinois property owners: The document may also be referred to as a beneficiary deed, reflecting the fact that the essence of the document is the ability to name a beneficiary to inherit real estate. The names are sometimes abbreviated so that a transfer-on-death instrument is called a TODI and a transfer-on-death deed is called a TOD deed. Other Names for Illinois TOD Deed FormsĪlthough the Illinois Residential Real Property Transfer on Death Instrument Act uses the term transfer-on-death instrument, most states refer to this document as a transfer-on-death deed. The Illinois Residential Real Property Transfer on Death Instrument Act requires the document to be signed like a will and provides that a valid Illinois transfer-on-death instrument will trump any contrary provisions in a will. If the transfer-on-death deed is properly signed, notarized, and filed, it operates to transfer real estate to the named beneficiary without the need to use a probate proceeding to transfer the property.Īn Illinois transfer-on-death instrument can be thought of as a substitute for a will or trust.

It functions in much the same way as a beneficiary designation on a bank account. An Illinois transfer-on-death instrument (also known as an Illinois TOD deed form) transfers property automatically when a property owner dies.