Transfer on Death Instrument Illinois

Myth vs Truth

We are busting legal myths and answering questions our clients often have!

Unfortunately, people are given misinformation or believe a 'myth' when it comes to the law. It is important to understand what your legal rights are and how you can protect yourself, your property and your family.

I have a will so my family is covered.

People want you to believe once they have a will they and their families are protected. A will is merely a suggestion of you desires to a judge. At the beginning and end of the day it can be challenged and your wishes overruled.

If I have a TODI (Transfer on Death Instruments), and I have no other assets so I am covered.

1. Beneficiary must be aware file corresponding documentation within 2 years after death or voided. Often, times beneficiaries lose properties due to lack of accurate information.

2. Unintentional disinheritance such as a birth or death in the family.

3. There is a reason a TODI is only permitted in a few states. Laws change and if you do not update and amend your documents constantly there will be problems.

3. A TODI can be challenged in probate FOR NUMEROUS REASONS. 4. The inheritor can be liable for your personal debts and liabilities with a TODI.

5. There can be numerous title issues with the TODI which cause title to not be free and clear for loved ones.

6. A TODI must be properly filed with the local recorders.

7. A TODI must have accurate legal descriptions or it can invalidate.

Asking for a prenup means I am unsure about marriage.

Prenup is like an insurance policy for your home OR cell phone. It’s something you have but DON’T plan ON USING OR EVEN WANT to use. However, in the event it is needed it does protect what your and your partner find as needed when minds are clear.

My parents completed their estate plan, so our family is covered.

No. All estate plans should be reviewed or revised every 2-3 years. Always update your plan, and notify your family of changes, and where your documents are stored.