Topic:
Transfer on death instrument
(Bradley, D-Marion; Wilhelmi, D-Joliet) creates the Illinois Residential Real Property Transfer on Death Instrument Act. It transfers residential property on the death of the owner. The definition of “residential property” is borrowed from the Disclosure Act and the Mortgage Foreclosure Act. It requires the owner to sign in front of a notary and two credible witnesses. It was modeled after the Uniform Law Commission’s uniform act. It has passed both chambers and will be send to the Governor in the next 30 days. Effective date of Jan. 1, 2012.