Escrow & Title
A deed that passes title at death without going through probate by means of a beneficiary designation is called a:
ATestamentary deed
BTrustee's deed
CTransfer on Death (TOD) instrument✓ Correct
DLife estate deed
Explanation
Illinois allows owners to use a Transfer on Death (TOD) instrument (also called a beneficiary deed) to designate beneficiaries who will automatically receive the property at the owner's death without probate. The owner retains full control during their lifetime, and the beneficiary has no interest until death.
Related Illinois Escrow & Title Questions
- In Illinois, 'constructive notice' of an interest in real property is provided by:
- An abstract of title in Illinois is:
- In Illinois, a deed must be recorded to provide constructive notice. If an unrecorded deed exists and the property is subsequently sold to a bona fide purchaser for value, who has priority under Illinois recording law?
- In Illinois, the grantor-grantee index in the county recorder's office is organized by:
- A title search typically examines public records going back how many years in Illinois?
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- The 'chain of title' refers to:
- A property sold at a tax sale in Illinois creates a tax lien certificate (not a deed). The original owner typically has the right to:
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