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Showing posts from February, 2015

Illinois 2015 Estate Planning Law Changes - Transfer on Death Instrument Act

This is the fourth post on changes to Illinois law for 2015 affecting estate planning.  The first covered the amended Health Care Power of Attorney act and the second addressed the amended "Small Estate Affidavit" found in the Probate Act. The third summarized the new Article IVa added to the Probate Act for 2015, on "Presumptively Void Transfers."  A fourth change to Illinois estate planning law in 2015 is that the Residential Real Property Transfer on Death Instrument Act, 755 ILCS 27/5, has been amended. 

The TODI Act was enacted in Illinois just a few years ago, but TODI statutes have been around for a while in other States.  The TODI concept is essentially to have a mechanism for transferring real property at death without probate.  Although the Probate Act provides for "small estates" to avoid probate via a Small Estate Affidavit, the definition of "small estate" hinges on the value of personal property in the estate ($100,000).  If the est…