Joliet Illinois Transfer on Death Instrument Revocation refers to the legal process of canceling or revoking a transfer on death instrument in Joliet, Illinois. A transfer on death instrument is a document that allows an owner of real property to designate a beneficiary who will receive the property upon their death, bypassing the need for probate. In Joliet, Illinois, there are two types of transfer on death instrument revocations: 1. Voluntary Revocation: This type of revocation occurs when the owner of the real property voluntarily decides to cancel or revoke the transfer on death instrument. This can be done through the execution of a revocation form, which must be properly signed and notarized. The recorded revocation form will then invalidate the previous transfer on death instrument and remove the beneficiary's right to receive the property. 2. Involuntary Revocation: An involuntary revocation may occur in certain situations, such as when the beneficiary predeceases the owner without a contingent beneficiary named, or when the owner sells or transfers the property to someone else. In such cases, the transfer on death instrument becomes invalid, and the property will be handled according to the owner's estate plan or the laws of intestate succession if there is no valid will in place. It is important for individuals in Joliet, Illinois, to be aware of the process and the requirements involved in revoking a transfer on death instrument. Consulting with an experienced estate planning attorney is highly recommended ensuring that all legal formalities are followed and the revocation is properly executed. Keywords: Joliet Illinois, Transfer on Death Instrument Revocation, voluntary revocation, involuntary revocation, real property, beneficiary, probate, revocation form, notarized, contingent beneficiary, estate plan, laws of intestate succession, estate planning attorney.
Joliet Illinois Transfer on Death Instrument Revocation
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