New Law Helps Homeowners Transfer Their Home upon Death

Illinois has a new law which permits homeowners to transfer real estate upon their death through a recorded instrument and without the need of a will or going through probate proceedings. The “Illinois Residential Real Property Transfer on Death Instrument Act” became effective on January 1, 2012.

Before this new law, if you wanted to transfer your home upon death and without going through probate court, you had to set up a living trust, put title to the home into a land trust, or other through other costly and time consuming steps.  The new law will help homeowners who do not have estates large enough to justify the cost of an involved estate plan.

If you would like more information about the new Illinois and how it may benefit you, please do not hesitate to contact me.