Beneficiary Of Property
I was reminded recently, that many countries have strict laws concerning the transfer of land and not everyone can own, even if you can afford to. The United States has strict guidelines on how much land an non US citizen can own.. From these examples it’s easy to see that Land makes you the Lord of the property.
Land is such a finite commodity.
The way that it transferred, especially upon the death of the grantor can mean the difference of thousands of dollars being retain or paid for in legal fees, legal taxes or waste.
In 2011 Illinois joined the ranks of 13 other states in creating a special transfer document called a TODI “Transfer on Death Instrument.” The transfer of a title of land, under the TODI is triggered when the owner of the property dies. The person that they want to give it to, the “beneficiary,” is designated before the owner dies. It however needs not be a person could be a corporation that is the beneficiary. There could also be a successive beneficiary.
Until the owner’s death, the owner can always revoke it and there is no such thing as irrevocable with this instrument. Of course to designate what happens to the property before death the own must be legally sound. But the instrument created by a layer is relatively easy to create, especially when one considers the alternative: wills, which require full probate or creating, trust which is more expensive.
TODI’s are a great way to give land while the owner is still alive and knows that the beneficiary will not need to go through a probate to receive the property, because the transfer is automatic upon death.