Topic:
Transfer on death instrument
(Barickman, R-Bloomington; Sims, D-Chicago) makes several changes to the Illinois Transfer on Death Instrument Act. (1) Makes the recording of a notice of death affidavit a permissive action that can be taken by the beneficiary to confirm title to the residential real estate but is not a mandatory requirement to perfect title. (2) Allows a bona fide purchaser for value and without notice before the recordation of a lis pendens for an action to set aside or contest the transfer on death instrument ("TODI") to take free and clear of any such action or contest. (3) Clarifies that acceptance of the TODI by the beneficiary during the owner's lifetime is not a requirement. (4) Eliminates the right of an agent acting under a durable power of attorney from creating or revoking a TODI. But it doesn't affect the agent's right or power to sell, transfer, or encumber the residential real estate if so authorized under the POA. (5) Clarifies that only substantial compliance with the execution formalities is required. Effective January 1, 2015.