What Is A Transfer on Death Instrument, And Should I Have One?

A Transfer on Death Instrument (TODI) is a legal document that allows property owners to designate a beneficiary who will inherit their real estate directly upon their death, bypassing the probate process. This instrument is particularly useful for simplifying the transfer of property and avoiding the often lengthy and costly probate court proceedings. A TODI becomes effective immediately after the property owner's death, ensuring a seamless transition of ownership.

One of the main benefits of a TODI is that it allows property owners to retain full control over their property during their lifetime. They can sell, refinance, or otherwise manage the property without the beneficiary's consent. Furthermore, the TODI can be revoked or changed at any time, providing flexibility and peace of mind to the property owner.

Whether you should have a TODI depends on your specific circumstances. If you own real estate and want to ensure it passes smoothly to a designated beneficiary without the hassle of probate, a TODI can be an excellent option. It is particularly advantageous for those who wish to maintain control over their property during their lifetime while ensuring a straightforward transfer upon their death.

Contact their DuPage County business attorney at Keller Law Group to schedule your consultation. Their firm proudly serves clients across DuPage, Kane & Will Counties. For more information, visit: https://www.lawkeller.com/2024/05/06/what-is-a-transfer-on-death-instrument-and-should-i-have-one/.