The Act is specific, and as the name suggests it only applies to residential real estate. What categories of real estate are eligible under the Act? When the owner dies, their interest transfers to the named beneficiary(ies). It is statutory, codified in 755 ILCS 27 (Illinois Residential Real Property Transfer on Death Instrument Act). It is a mechanism by which a real property title holder can transfer their interest upon their death, to a designated beneficiary or beneficiaries. The transfer on death is an automatic transfer of one’s interest in residential real estate to a named beneficiary, upon the death of the interest holder (owner), without probating the estate.
The transfer on death instrument (TOD) is one of several estate planning tools that a property owner may wish to employ.
