Changes to the Transfer on Death Instrument Act

  • Wed, October 13, 2021
  • 8:15 AM - 9:30 AM
  • Webinar

Registration


Register

Changes to the Transfer on Death Instrument Act

Dick Bales

MCLE approved for 1-hour credit

Free for IRELA Members
Non-Members ~ $50

The legislation that originally created the Transfer on Death Instrument became law in 2012. It is codified as 755 ILCS 27/1 et seq. (“The Act.”) This statute was amended in 2015. There is now a second amendment, Public Act 102-0068, which is effective January 1, 2022.

Public Act 102-0068 is truly a major revision of the Act. Consider just a few of these new changes:

The Act is no longer the Illinois Residential Real Property Transfer on Death Instrument Act because the Act is no longer limited to just residential real estate.

Effective January 1, 2022, a spouse can now renounce a Transfer on Death Instrument and take his or her statutory share.

Dick Bales has put together a comprehensive 26-page handout where he thoroughly discusses all the changes to the Act. When appropriate, he uses situational examples to better illustrate these changes.  In addition, he has put together a list of what he feels are some areas of concern to both attorneys and title companies.

Dick has spent many hours studying Public Act 102-0068 and preparing this handout. Members of IRELA* should take one hour and listen to Dick’s presentation.


Richard F. Bales has worked in the title insurance industry since 1977.  He graduated from Illinois College in Jacksonville in 1973.  He received his juris doctorate degree from Northern Illinois University (NIU) in 1983 and is admitted to practice law in Illinois. He is currently employed as an underwriter in the Naperville office of Proper Title.


*join IRELA

© 2021 by the Illinois Real Estate Lawyers Association. All rights reserved.

Powered by Wild Apricot Membership Software