Property After Death - Resource Guide

CO O K

CO UN TY

RE CO RDE R

O F

D E E DS

P R O P ER TY A FTER DEATH

KarenA. Yarbrough Presents FORUM TRANSFER ON DEATH & PROPERTY FRAUD RESOURCE GUIDE

Cook County Recorder of Deeds 118 N. Clark Street, Suite 120, Chicago, IL. (312) 603-5050

www.cookrecorder.com

Table of Contents

Welcome

1

Estate Planning Basics

2

Know Your Status

3

Traditional Estate Planning

4

Alternative Estate Planning

5

Tell Your Heirs

6

Transfer On Death FAQ's

7

Property FraudFAQ's

9

Glossary

11

Contact Information

11

Notes

12

Forms Rev.07.18

PROBATE

DEATH

FAMILY

HOME

CAR

WILL

MONEY

No one wants to talk about death, but it's time!

Here at the Cook County Recorder of Deeds, we record deeds, investigate fraud, and offer various great services to our veterans and property owners. I also ensure that those seeking assistance for other matters are guided to the appropriate agency. During my tenure, I have taken steps to ensure that our patrons are protected, educated, and have access to every service we offer. Recently, I found it necessary to begin the uncomfortable conversation about death. More specifically, what happens to your property once you die. Through my outreach to the community, owever, while I have found that many of you have Wills, Trusts or no estate plan at all. However, conducting my Fraud Prevention outreach, I further learned that those with Wills and Trusts often don't fully understand how these estate planning tools work.. o that Today's discussion is an attempt to demystify the estate planning process, so ent you and your loved ones understand the best options available for your current situation.

WELCOME!

This brochure is provided for informational purposes only, and should not be considered legal advice. Further, CCRD cannot advise you which option is preferable based on your unique situation. It is recommended that you consult an estate planning and/or real estate attorney to determine your available options.

Estate

PLAN BASICS

I HAVE NO ESTATE PLAN

If you own a home, but have yet to prepare some type of estate plan, your loved ones could be in jeopardy of having to endure the often lengthy and expensive probate process upon your death. The Probate process (named after the division of the Circuit Court where estate matters are adjudicated) frequently involves the assistance of Real Estate or Probate attorneys to help determine what happens to the assets of someone who died intestate (aka without a Will). Accordingly, by not having some form of estate plan, your loved ones are possibly destined for a date in court to hash out who gets what of yours.

I HAVE A WILL

Many adults believe that a Last Will and Testament guarantees that their loved ones will avoid the Probate process, and simply be able to take ownership of all the assets upon their death. Unfortunately, this is one of the primary misconceptions which requires demystification, and a major part of today’s discussion.

Homeowners and property owners who rely on a Will to transfer such assets to loved ones upon death need to know and understand that such transfers MUST happen in the Probate division of the Circuit Court —often resulting in lengthy wait times and additional court and legal fees.

I HAVE A TRUST

The State of Illinois allows for the creation of over 30 different types of Trusts as authorized by §760 ILCS 5/ Trusts and Trustees Act. Trusts offer unique protections of real property, and should include a designated succession plan for what is to happen to certain assets upon the owner’s death. However, Trusts usually involve some amount of setup, maintenance and dissolution costs which typically are based on the individual attorney or company used.

Questions to Discuss: Should I avoid probate? Should I draft a Will? How is a Trust different from a Will? Which options cost less to prepare?

2

KNOW

YOUR STATUS!

JOINT TENANTS

This tenancy type is typical among couples and family members. Each person owns a 100% share (or some other defined share) in the property and is free to use it however she or he desires. Due to that complete ownership interest, each person is also able to take loans out, incur judgments or transfer/sell that interest without the permission, knowledge or consent of the other owner(s).

Unless otherwise specified in the deed, when one of the owners passes, her or his interest automatically transfers to the surviving owner(s), with no forms or documents needing to be filed or recorded (except in very limited circumstances).

TENANCY BY THE ENTIRETY

This tenancy type is ONLY AVAILABLE to married couples. Each person owns a 100% share of the property, and is free to use it however she or he desires. However, unlike Joint Tenants in Common, one person is NOT able to take loans out, incur judgments or transfer/sell her or his interest without the permission, knowledge and consent of the other owner. This tenancy type MUST be specified on the deed, and is only available to married couples. When one of the owners passes, her or his interest automatically transfers to the surviving owner, with no forms or documents needing to be filed or recorded (except in very limited circumstances).

TENANTS IN COMMON This tenancy type is common among business partners or those without a familial relationship.

Each person owns a defined share (ex. 65%/35%) which must be spelled out in the recorded deed/conveyance instrument. Each owner is entitled to use her or his defined interest however she or he desires, which could include taking loans out, incurring judgments or transferring/selling whatever her or his defined share is. Unlike in the other two tenancy types, when one of the owners passes away, her or his interest does not automatically transfer to the surviving owner(s), but instead, is inherited by the owner’s heirs. Due to the automatic transfer of liability associated with the deceased owner’s interest, many heirs consider filing/recording a Disclaimer of Interest*.

When a tenant-owner of property passes, Illinois law allows for the notice of the "severance" of that tenancy by the OPTIONAL procedure of a Deceased Joint Tenancy Affidavit and/or a Surviving Tenant Affidavit. Recording such notice is NOT mandatory, but may be helpful to obtain new financing or to sell the property by updating the property's chain of title. An example form can be downloaded from: cookrecorder.com/forms/

Questions to Discuss: How is my home owned? How do I remove a deceased spouses name? What if I inherit property I don't want?

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TRADITIONAL

ESTATE PLANNING

After assessing your estate planning status & tenancy type, it is critical to develop your plan and put it into action. If you die without a Will or a Plan, the courts may decide what to do with your property without your input.

LAST WILL & TESTAMENT All Illinoisans aged 18 and older and of sound mind and memory may create a document specifying how assets are to be allocated after death. Upon death, the Will is typically submitted to the Probate Division of the Circuit Court. Consult an attorney.

TRUST DECLARATION Before death, owner creates a document naming a “trustee” responsible for distributing assets. Typically prepared with assistance of an estate planning attorney.

REVERSE MORTGAGE We’ve all seen the commercials on TV, but many are unaware of how they work. Generally, a reverse mortgage allows an elderly homeowner to access the equity in their home as a monthly loan that requires no payments from the borrower. When the borrower vacates the home or passes away, the contract usually provides for the lender to take ownership of the home. While not for everyone, this CAN be a viable option if you have significant equity and do not desire to pass your home to heirs, and so long as you understand the terms. Visit ConsumerFinance.gov/Older-Americans for more info or to speak with a HUD counselor.

CONTRACT BUYING We've all seen a sign advertising "Rent-to-Own" or "No Banks Needed". However, few understand that many of these signs are ads for Contract Buying. While an enticing means to home-ownership for those with poor credit or undocumented incomes, Contract Buying usually includes unreasonable terms, not limited to large down-payments for distressed properties, high rents, abrupt eviction clauses, and various violations which must be addressed by the "buyer" before ownership can occur. The Recorder of Deeds office recommends that those purchasing a property through a Rent-to-Own or similar Contract for Deed program, contact our office first. We will help identify potential property issues, free of charge, and may just save you thousands of dollars.

Questions to Discuss: Should I avoid Probate? Should I draft a Will? How is a Trust different than a Will? Which options cost less to prepare?

4

ALTERNATIVE

ESTATE

PLANNING Transfer Your Home

Thanks to the Illinois Residential Real Property Transfer Act (ยง755 ILCS 27/1 et seq.), Illinois property owners can now transfer their residential property at death with a single document called a Transfer on Death Instrument ("TODI").The CCRD offers one type of TODI, available for download at: cookrecorder.com/forms/.

Transfer Your Car Pursuant to the Illinois Application for certificate of title (ยง625 ILCS 5/3-104), Illinois residents can now transfer their Vehicle upon death with one document called a Beneficiary Affidavit. A Secretary of State Beneficiary Affidavit is available for download at: https://www.cyberdriveillinois.com/publications/pdf_publications/vsd773.pdf

Transfer Your Money Thanks to the Illinois Trust and Payable on Death Accounts Act (ยง205 ILCS 625/1 et. seq.), Illinois residents can now transfer their Checking and Savings account balance(s) upon death by establishing a Payable on Death Account ("POD"). For more details or questions regarding a POD, please visit a local branch of your bank or Credit Union.

This brochure is provided for informational purposes only, and should not be considered legal advice. Further, CCRD cannot advise you which option is preferable based on your unique situation. It is recommended that you consult an estate planning and/or real estate attorney to determine your available options.

Questions to Discuss: Is my mortgage paid off, or will it be? Can my heirs afford to assumeownership? Do they want to?

5

Tell

YOUR

HEIRS!

WHY IS THIS IMPORTANT?

One of the main goals of estate planning is avoiding disputes & uncertainty. This is a personal decision that can help avoid costly confusion. If you decide to share your plan, make sure you include copies of documents & locations of originals. If you decide to keep your plans confidential, at least ensure that someone you trust knows you’ve made a plan, and where to find all relevant documents.

Claim and/or Renounce Property In limited circumstances a Small Estate Affidavit MAY be used to claim property. Please see an Attorney for details.

In limited circumstances, an heir who inherits certain residential property MAY be able to renounce any interest in that property based on certain criteria by using a disclaimer of interest form.

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Frequently Asked Transfer On Death Questions Is the Probate process fast or slow?

Slow. On average, the Probate process takes 18 – 24 months to complete.

Is the Probate process free?

No. On average, the Probate process costs your loved ones anywhere from $2,500 to $5,000, so it’s very expensive and lengthy for your loved ones to obtain your home from the Probate process if you pass away without a will.

If I have a Will or a Trust, what’s going to happen to my home once I pass away?

If you own a home and all you have is a Will, then your loved ones will need to utilize the Probate process in some form or fashion which will incur court costs and potentially incur legal fees. If you own a home and have a Trust, whomever you have named as the Successor Trustee will need to execute the instructions spelled out in your Trust Agreement. If she or he is unsure how, it may result in additional legal or court fees, up to and including utilizing the Probate process as well. See a Probate attorney or licensed specialist for more details.

Can both spouses put their names on a single transfer on death form?

Yes, both owners have to sign it, but only one is necessary to take it in to be recorded.

What about the mortgage?

The mortgage still has to be paid, but the advantage is, the mortgage company now has to work with the beneficiary to either work out a modification or find a new lender before they can foreclose on the property.

What if my children live out of state?

Doesn’t matter where the children live, they simply need to come into the state to accept the property via the acceptance affidavit.

Can I cancel a transfer on death on instrument?

Yes, this is a revocable instrument, so all you need do is record a new one and it will pre-empt the previousone.

Can I list a contingency beneficiary if the person I list as the beneficiary passes before I do?

Yes, you would simply need to attach a separate sheet of paper listing that person or people with the title of “contingency beneficiary”—and it is a great idea to spell out the full names of all beneficiaries, whether original or contingent beneficiaries.

Does the transfer on death instrument void a Will or a Trust?

No, it will not void a will or a trust, but it does take precedence over either of those two instruments. Meaning, that if you put a different person on your Transfer on Death Instrument than what is listed on your Will or Trust, the Transfer on Death Instrument now becomes the primary document in relation to your Will or Trust. However, you would need to call your Trust company and cancel the Trust in order for it to cease to exist. The execution of a transfer on death instrument will not void it automatically.

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Frequently Asked Transfer On Death Questions If my home is in the trust, will I have to pay to take it out first in order to transfer it?

No, all you have to do is put down the name of your Trust as the property owner on the Transfer on Death Instrument, and then it will automatically transfer upon your death.

Will the house transfer to the listed beneficiary when only one of the tenants passes away?

No, there is a provision in the form which states that the house only passes upon the death of the last to die.

How will the beneficiaries own the property?

Unless you specify otherwise, the beneficiaries will own the property as Joint Tenants, meaning they’re going to need to agree to sell the property (for the most part).

Can I transfer my car?

Yes. An individual beneficiary affidavit must be completed per car you wish to transfer.

Can I put down more than one person as the future beneficiary?

Yes, as many as you like.

What if there’s still a loan on the car?

Since the car note is still due, the owner listed on the beneficiary affidavit will now be able to contact the finance company and let them know that they’ll be taking over the payments. Once the loan is paid off and the title gets sent out, the beneficiary will be able to take that title immediately into the Secretary of State and have it transferred instantly.

Should I set up my bank account as payable on death or simply add my beneficiary as an accountowner?

You can do either option. However, by adding your beneficiary to your account as an owner while you're alive, means they have full access to your funds. Additionally, if they get sued or have any trouble with the IRS or Illinois Department of Revenue, your account may be seized as well. Setting up your account solely as payable on death allows your beneficiary access to your account upon your death without any vulnerabilities while you're alive.

What if I own the bank account with my spouse, do I need to do this?

Yes, because has anyone ever heard of a husband and wife passing at the same time? Of course, this form ensures that if something like that does happen, your loved ones are still protected and able to avoid the probate process. It doesn’t matter how much money is in the account, it automatically transfers with no will, no trust, no legal fees or any court costs…just that simple.

Will the person receiving the transfer have to worry about taxes?

Yes, the person will need to report the inheritance, but depending on how much the total value of the assets received, they may not have to pay any inheritance taxes, but they would need to consult with a CPA or Tax Attorney for more details.

8

Frequently Asked Property Fraud Questions What is the Chain of Title?

The collection of documents which have been "RECORDED" against a property. This can include any and all deeds, liens, mortgages, lis pendens, foreclosure notices, court documents, judgments, or any other document or instrument which may affect an interest in real property. The Chain-of-Title is NOT a singular document, but instead a collection of documents.

How can I check my Chain of Title?

The easiest way is to visit www.cookrecorder.com with your Property Identification Number (PIN) [14 digit number on your tax bill] and click the link to "SEARCH PUBLIC RECORDS" on the left-hand column of the homepage, and then enter that PIN into the search box at the top of the page and then click search. This will show you all recordings since 1986.

How do I report fraud on my Chain of Title?

If after checking your property's Chain-of-Title you suspect that there may be some form of fraud which has occurred, you may contact the Cook County Recorder of Deed's Fraud Unit at 312.603.4000 and request to speak with one of our Investigators. If it turns out that there was fraud against your property, our office will advise you on what to do next.

Why is my Chain of Title public?

The State of Illinois, much like virtually every other state in the U.S., utilizes an Open Land Recording system which enables anyone to search the public record so as to avoid most questions regarding "who owns what". This system helps avoid frivolous and unsubstantiated claims to land by non-owners, but like everything, comes with disadvantages.

Why can anyone record against my Chain of Title?

Because of the Open Land Recording system in Illinois, and the Recorders Act (55 ILCS 5/3), anyone who seeks to record a document which meets the legal requirements of the statute can do so, as long as they pay the applicable recording fee(s).

This is intended to ensure that "everyone" has equal access to this system, and is guaranteed by law.

Why does the CCRD record fraudulent documents?

Also in accordance with the Recorders Act, the employees of a Recorder's office are not allowed to verify the veracity or accuracy of legal claims made within any legal document submitted for recording. So long as the document meets the legal requirements of the Recorders Act/Statute, then it is the duty of the Recorder's Office to record that document.

Why can't I freeze my Chain of Title to prevent fraudulent recordings?

Unfortunately, at this time, there is no law in Illinois which creates the right or means to "freeze" a property's Chain-of- Title, however, Karen Yarbrough, the Cook County Recorder of Deeds, has worked diligently with the Legislature to pass a Bill which seeks to allow some of the most vulnerable properties to obtain such a freeze. (SEE SB 1487 for details) How can I guard against fraud?

The best way to guard against potential property fraud is to sign-up for the FREE PROPERTY FRAUD ALERT (PFA) by filling out the included application and showing your Drivers License or State ID at this event or online at cookrecorder.com.

9

Frequently Asked Property Fraud Questions Why isn't the property fraud alert mandatory?

Because the Property Fraud Alert is a service which requires some form of personal/non-public information (i.e. phone # or email) not everyone feels comfortable signing up for the Alert despite the numerous benefits. However, Karen Yarbrough worked with Springfield to ensure that soon this great service will be offered at the closing table (SEE HB3672 for details) Can my home be stolen from a Trust?

While a Trust (and there are many different types, but a Land Trust is the most common for homes) does provide many benefits, it does not prevent Property Fraud from potentially occurring. Property Fraudsters can yet record fraudulent deeds and other documents against a property, even if the property is owned by a Trust. Accordingly, we recommend signing up for our Free Property Fraud Alert online at www.cookrecorder.com or via phone at (312) 603-4000, or in-person today by visiting any of our locations and completing the free application.

Who will contact me if fraud is detected?

The Cook County Recorder of Deeds will contact you via phone or email (based on your choice of contact method). If you do not pickup the phone call, we will leave a message.

How does the Property Fraud Alert work?

Presently, if someone records something against your property's Chain-of-Title, you have no way of knowing about it unless you proactively check your property's Chain-of-Title. The PFA software constantly monitors your property's Chain-of-Title so when anything is recorded our operators are alerted, and then contact you to make you aware.

What if I don't know my PIN, can I still sign up?

Yes. Simply fill out the form with all of the information you do have and then leave the spaces for the PIN blank, and one of our representatives will locate the PIN for your property based on the address and identifying information provided. However, if there are multiple units, please make sure to include the unit #.

Why do you need to see my drivers license?

Due to the legality of establishing a contractual relationship of sorts with you by agreeing to register you for this free service, we need to ensure that we are entering into that arrangement with the named and signing party. If you would prefer not to share this information with us we completely understand and encourage you to sign-up online or via phone.

Can I sign up a friend of family member?

YES, however, you will need to specify that you are not the property owner but instead a relative of the owner (please check that box) and then sign YOUR name, and present YOUR identification. These applications have to be screened closer, so please make sure to clearly indicate this special circumstance.

What is Recorder Yarbrough doing to stop fraud?

Karen Yarbrough, the Cook County Recorder of Deeds has worked tirelessly to get several key pieces of legislation passed to improve the resources and tools which law enforcement has, as well as stiffen the penalties for these Fraudsters.

Additionally, she has reorganized resources within her offices to double the size of the Property Fraud Unit to stop fraud.

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Estate Planning Glossary AFFIDAVIT OF HEIRSHIP (FORM): A document that may be submitted to the Probate Court to ascertain and declare heirship as a matter of law. It must state facts and not conclusions. (See §755 ILCS 5/5-3) DECEASED JOINT TENANCY (FORM): A document which may be recorded (accompanied by a death certificate of a deceased joint tenant) but is optional & may assist with clarity of title. (See §765 ILCS 1005/1) DISCLAIMER OF INTEREST (FORM): A document (also known as a renunciation) which formally renounces a person's legal right to a benefit from an inheritance (either under a will or intestacy). (See §755 ILCS 5/2-7) INTER VIVOS (TERM): A Latin phrase which roughly translates to "between the living" but has commonly been used to describe a gift made to someone during the donor's lifetime. (See §760 ILCS 5/5.5) INTESTATE (TERM): The description of a person who dies without making a valid will and/or a reference to that type of situation. The term for someone who died without a will. (See §755 ILCS 5/2-1) JOINT TENANCY (TERM): Type of ownership of real or personal property by two or more persons in which each owns an undivided interest in the whole & creates a Right of Survivorship (See §765 ILCS 1005/1) RIGHT OF SURVIVORSHIP (TERM): The power of the successor(s) of a deceased individual to acquire the property of that individual upon his or her death, (based on Joint Tenancy). (See §765 ILCS 1005/1) TESTATOR (TERM): One who dies leaving a valid will and/or a reference to that type of situation. The term for someone who died with a will, as opposed to without (intestate). (See §755 ILCS 5/2-1) TENANTS BY THE ENTIRETY (TERM): A type of concurrent estate (usually reserved for married couples) where ownership is treated as though the couple were a single legal person (See §765 ILCS 1005/1b) TENANTS IN COMMON (TERM): This tenancy type is common among business partners or those without a familial relationship. Each person owns a defined share (ex. 65%/35%) which must be spelled out in the recorded deed/conveyance instrument.

TRANSFER ON DEATH (FORM): A document which may be recorded to acknowledge who an owner's residential property should transfer to upon the owner's death (if accepted). (See §755 ILCS 27/10)

CONTACTINFO COOK COUNTY RECORDER OF DEEDS 118 N. CLARK STREET, SUITE 120 CHICAGO, IL. 60602 (312) 603-5050 // WWW.COOKRECORDER.COM CHICAGO & IL STATE BAR ASSOCIATION CHICAGO: (312) 554-2001 ILLINOIS: (800) 678-4009

CCRD COMMUNITY AFFAIRS OFFICE (312) 603-3974 // CookRecorder.com/events

CHICAGO VOLUNTEER LEGAL SVC. (312) 332-1624 //www.CVLS.org

COOK COUNTY PROBATE DIVISION (312) 603-6441 // Cookcountyclerkofcourt.org

ILLINOIS LEGAL AID www.IllinoisLegalAid.org

CCRD PUBLIC INFO OFFICE (312) 603-5936 // CookRecorder.com

IL REAL ESTATE LAWYERS ASSN. (847) 273-8700 // IRELA.org

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Free Property Fraud Alert Registration

KAREN A. YARBROUGH Cook County Recorder of Deeds

OFFICE USE ONLY DATE/LOCATION: _________________________ RECEIVED BY: ________ I.D. PRESENTED: ______

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2.

3.

4.

Fully complete REGISTRANT INFORMATION section – print clearly!

Select your ALERT PREFERENCE using preferred phone/email Read DISCLAIMER, sign and date, and have photo ID ready Allow 5-10 business days & we will confirm signup via email/mail

NAME ON ID: ____________________________ ENTERED BY: _____________________________

REGISTRANT INFORMATION NAME: ____________________________________________________________________________________________ PROPERTY ADDRESS: ________________________________________________________________________________ UNIT NO: ___________________________ CITY: _______________________________ ZIP: _______________________ PIN #:

If unknown leave blank

FOR THIS PROPERTY, I AM:

THE OWNER

RELATIVE OF OWNER

OTHER: ________________________

ALERT PREFERENCE I WOULD LIKE TO RECEIVE MY ALERTS BY:

PHONE:

OR

EMAIL:

PHONE: (_______) _______________ EMAIL: _______________________________________ Check this box to opt out of quarterly email updates from CCRD

DISCLAIMER & AUTHORIZATION TO CREATE YOUR ALERT ANY ACCESS OR USE OF THE PROPERTY FRAUD ALERT SERVICE IS SUBJECT TO THE TERMS OF AND CONDITIONS OF THIS DISCLAIMER. Your Property Index Number (PIN) can be found near the top of your Property Tax Bill. PIN Numbers are obtained and/or confirmed via the information provided by the Cook County Assessor.

ONYX ELECTRONICS and the Cook County Recorder of Deeds (CCRD) are not responsible for any PIN errors.

ONYX ELECTRONICS as the service and technology provider and the COUNTY that provides the information does not represent or endorse the accuracy or reliability of any of the information accessed from any of the services contained in the Web Site (the ‘Service’). ONYX ELECTRONICS reserves the right, in its sole discretion and without any obligation, to make improvements to, or correct any error or omissions in any portion of the Service or the Materials.

ONYX ELECTRONICS and the COUNTY that provides the information are not responsible for the accuracy, copyright compliance, legality or decency of material contained in the sites listed in the Service, its links or in the Materials. ONYX ELECTRONICS and the COUNTY that provides the information have tried to ensure that the information contained in the electronic system is accurate. Assessing the accuracy and reliability of the information is the responsibility of the user.

ONYX ELECTRONICS and the COUNTY that provides the information shall not be liable for errors contained herein or for any damages in connection with the use of the information contained herein.

THE SERVICE AND MATERIALS ARE PROVIDED ONYX ELECTRONICS ON AN ‘AS-IS’ AND ‘AS AVAILABLE’ BASIS, AND ONYX ELECTRONICS AND THE COUNTY THAT PROVIDES THE INFORMATION EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE SERVICE OR ANY MATERIALS AND PRODUCTS. IN NO EVENT SHALL ONYX ELECTRONICS BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGE OF ANY KIND WHATSOEVER WITH RESPECT TO THE SERVICE, THE MATERIALS AND THE PRODUCTS. FIDLAR TECHNOLOGIES AND THE COUNTY THAT PROVIDES THE INFORMATION DOES NOT WARRANT THAT THE FUNCTIONS CONTAINED IN THE WEBSITE OF ANY MATERIAL OR CONTENT WILL BE UNINTERRUPTED OR ERROR FREE, NOR THAT DEFECTS WILL BE CORRECTED, OR THAT THE WEBSITE OR THE SERVER THAT MAKES IT AVAILABLE IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. I authorize the CCRD to register my property on my behalf, and CCRD Office and staff shall be held harmless and free of liability from any errors or omissions resulting from this entry.

X

__________________________________________________________________________________________________________________________________

BY SIGNING, I AGREE TO THE TERMS STATED ABOVE

DATE: _________________________________________________________________________

Revised 11/17/2016

THIS INSTRUMENT WAS PREPARED BY:

NAME & ADDRESS OF PROPERTY OWNER:

ILLINOIS RESIDENTIAL TRANSFER ON DEATH INSTRUMENT (TODI) PURSUANT TO § 755 ILCS 27/1 ET SEQ. THIS TRANSFER ON DEATH INSTRUMENT (hereinafter referred to as a “TODI”), which was completed and signed before a notary public on the following date: ______________________________________, by the property owner or owners, whose name is or are: ______________________ ______________________________________________, and currently live at the street address of: _______________________________________ in the city of: __________________________________, and county of: ________________________, in the state of: __________________________ with a zip code of: _____________________________, while being of sound mind and disposing memory, do now hereby make, declare and publish this TODI, stating and attesting to the following. That the above-referenced property owner or owners, is or are, the SOLE owner(s) of the residential (which must be between 1 – 4 units) real estate, under a duly recorded DEED or other CONVEYANCE INSTRUMENT which was recorded on the date of: __________________ as document number: _____________________________ with the proper County Agency in the County of: ___________________________ in the State of Illinois. Furthermore, this TODI is intended to transfer the following real property:

LEGAL DESCRIPTION:

CHECK WHICH APPLIES – WRITTEN BELOW

-OR- SEE ATTACHED

____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________

PROPERTY IDENTIFICATION NUMBER(PIN): ___ ___ - ___ ___ - ___ ___ ___ - ___ ___ ___ -___ ___ ___ ___ COMMONLY REFERRED TO ADDRESS: ___________________________________________________________ ______________________________________________________________________________________ Finally, the owner, or owners, while also being of competent mind and capacity, while waiving and releasing all rights under the Homestead Exemption laws of the State of Il, do now hereby CONVEY and TRANSFER, effective upon the death of the above-named OWNER, or last to die of the OWNERS, the abovedescribed real property to the named BENEFICIARY or BENEFICIARIES on the following page in the specified TENANCY TYPE if multiple BENEFICIARIES. SPECIAL NOTICE: This form is provided compliments of KAREN A. YARBROUGH, COOK COUNTY RECORDER OF DEEDS and DOES NOT CONSTITUTE LEGAL ADVICE in any way, shape or form. Furthermore, it is provided WITHOUT any TITLE EXAMINATION or REVIEW of your individual estate plan. PLEASE CONTACT AN ATTORNEY OR LICENSED ESTATE PLANNING PROFESSIONAL if you have additional questions, comments or concerns regarding how to complete this form, as the COOK COUNTY RECORDER OF DEEDS OFFICE STAFF MAY NOT assist you with the preparation of this, or any, legal document.

________________________________________________________________________________________________________________________________________ TRANSFER ON DEATH INSTRUMENT – PAGE 2 (THIS INSTRUMENT IS EXEMPT PURSUANT TO § 35 ILCS 200/31-45, PARA, IL REAL ESTATE TRANSFER TAX LAW

As referenced on the foregoing page, the aforementioned OWNER or OWNERS do now hereby CONVEY and TRANSFER, effective upon the death of the above-named OWNER, or last to die of the OWNERS, the above-described real property to the named BENEFICIARY or BENEFICIARIES in the specified TENANCY TYPE if multiple BENEFICIARIES are listed. Additionally, in the event the BENEFICIARY or BENEFICIARIES pre-decease the OWNER or OWNERS, the following CONTINGENCY BENEFCIARY or BENEFICIARIES should receive the interest outlined in this instrument, in the designated TENANCY TYPE:

BENEFICIARY (A)

BENEFICIARY (B)

BENEFICIARY (C)

BENEFICIARY (D)

_____________________________

_____________________________

______________________________

___________________________

_____________________________

_____________________________

______________________________

___________________________

_____________________________

_____________________________

______________________________

___________________________

If more BENEFICIARIES are desired, please attach separate sheet of paper with the full names and addresses of the desired additional BENEFICIARIES. Also, if there are multiple beneficiaries, the OWNER or OWNER desires that the transfer be to those BENEFICIARIES IN THE FOLLOWING TENANCY TYPE: CHOOSE ONE (ONLY): JOINT TENANTS IN COMMON W/ RIGHT OF SURVIVORSHIP -OR- TENANTS IN COMMON W/O RIGHT OF SURVIVORSHIP In the event all of the above-referenced BENEFICIARIES pre-decease the owner/owners, the following CONTINGENCY BENEFICIARIES shall replace them.

CONTINGENCY BENEFICIARY (A) CONTINGENCY BENEFICIARY (B) CONTINGENCY BENEFICIARY (C) CONTINGENCY BENEFICIARY (D) _______________________________

_________________________________

________________________________ _____________________________

_______________________________

_________________________________

________________________________ _____________________________

_______________________________

_________________________________

________________________________ _____________________________

I, or we, the SOLE OWNERS hereby swear and affirm that the foregoing wishes were made as my or our free and voluntary act for the purposes set forth.

PRINT OWNER NAME (A): ________________________________________________

PRINT OWNER NAME (B): __________________________________________

SIGNATURE OF OWNER (A): ______________________________________________

SIGNATURE OF OWNER (B): ________________________________________

DATE SIGNED BEFORE NOTARY: __________________________________________

DATE SIGNED BEFORE NOTARY: _____________________________________

WITNESS DECLARATION – THIS SECTION IS TO BE ATTESTED TO AND SIGNED IN THE PRESENCE OF THE OWNER/OWNERS, ALL WITNESSES, AND NOTARY PUBLIC: We, the undersigned witnesses, hereby certify that the foregoing TODI was executed and signed on the date referenced above, and signed by the owner or owners as her, his, or their voluntary TODI in our presence, at the request of her, him or them, and while also in the presence of one another. We also do now hereby swear and affirm that we are signing our names to this instrument with the belief and knowledge that the owner or owners, was or were, at the time of signing of sound mind and memory, and free from any undue influence or coercion by any parties, including us as witnesses.

PRINT WITNESS NAME (A): ________________________________________________ PRINT WITNESS NAME (B): ________________________________________ SIGNATURE OF WITNESS (A): ______________________________________________ SIGNATURE OF WITNESS (B): ______________________________________ DATE SIGNED BEFORE NOTARY: __________________________________________

STATE OF ____________________________________ ) ) SS COUNTY OF ___________________________________ )

DATE SIGNED BEFORE NOTARY: _____________________________________

NOTARY VERFICATION SECTION: DATE NOTARIZED: _______________________________________

I, the undersigned, a notary public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that the owner or owners, and witnesses, personally known to me to be the same persons whose names are subscribed on the foregoing instrument, appeared before me on the below date and signed, sealed and delivered the foregoing instrument as their free and voluntary act, for the uses and purposes therein set forth.

PRINT NOTARY NAME: _________________________ SIGNATURE OF NOTARY: __________________________________

AFFIX NOTARY STAMP BELOW:

Secretary of State

This space for use by Secretary of State.

Beneficiary Affidavit Secretary of State Vehicle Services Department Titles Division 501 S. Second St. Springfield, IL 62756 217-785-3000 www.cyberdriveillinois.com

This form allows a vehicle owner to change, add or remove a beneficiary on the title.T

The vehicle must be solely owned and not a business. Only one name may be listed on the Certificate of Title as the beneficiary. A beneficiary cannot be added to the title when there is a lienholder; lessor or ownership is designated as “joint tenancy.” The beneficiary does not have interest or control of the vehicle. If a lienholder or lessor is added to the title later, the beneficiary will be removed from the title.

The beneficiary’s name, address and county will be printed on the face of the Illinois title on the right-hand side, below the legend(s) area with the heading BENEFICIARY INFORMATION. To transfer the ownership to the beneficiary, the beneficiary must submit the title (if available), $95 title fee, certified death certificate of the vehicle’s legal owner, and the appropriate tax form and check payable to Illinois Department of Revenue, if applicable.

Upon the death of the sole owner of the vehicle and the beneficiary has been established on a Certificate of Title, the beneficiary may not be changed or revoked by a will, any other instrument, or a change in circumstances, or otherwise be changed or revoked, except by a court of law.

Please select one: Adding Beneficiary

Removing Beneficiary

Changing Beneficiary

Please Print or Type: Full Legal Name of Beneficiary: ___________________________________________________________________________ Mailing Address: _______________________________________________________________________________________ City:______________________________________________ State:__________________ ZIP Code: ________________ Driver’s License or ID Card Number: ________________________________________________________________________ Signature:________________________________________________________

Date:______________________________

Vehicle Identification Number:

Year: _________________ Make: __________________ Model: ___________________ Body Type: __________________ I hereby release, discharge and agree to hold harmless the Illinois Secretary of State of and from any and all liability to anyone whomsoever which may arise by reason of any contest of the validity of the beneficiary named herein, or the validity of the beneficiary in the manner prescribed in Public Act 095-0784 (625 ILCS 5/3-104).

Printed Full Legal Name of Owner: ________________________________________________________________________ Illinois Driver’s License or ID Card Number: __________________________________________________________________ Signature: ________________________________________________________

Date:______________________________

Subscribed and sworn to before me this ______________________ day of _______________________________ 20______.

Notary Public Signature _________________________________________ Date ________________________________

Printed by authority of the State of Illinois. May 2013 — 1 — VSD 773.2

Cook N. Clark ClarkStreet, Street,Suite Suite120, 120,Chicago, Chicago, (312) 603-5050www.cookrecorder.com www.cookrecorder.com CookCounty CountyRecorder Recorderof of Deeds Deeds 118 N. IL.IL.(312) 603-5050