Transfer on Death Instruments and Their Role in Estate Planning in Cook County

Recent IHS research has focused on the housing policy implications of the growing older adult (aged 65+) population in the City of Chicago and suburban Cook County. To build on this research, IHS engaged in discussions with local practitioners on a range of topics affecting older adult housing needs. A key issue that emerged from these conversations is the critical importance of estate planning vehicles to support the cost-effective and timely transfer of an older adult’s home to their heirs. This issue has a broad set of implications, ranging from supporting the development and transfer of generational wealth to mitigating the risk of tangled title situations that can lead to property deterioration and abandonment. This data brief examines the role that transfer on death instruments (TODIs) play in facilitating the transfer of real estate to heirs and provides data on the patterns of TODIs filed on homes with an active senior exemption in neighborhoods across Chicago and Cook County.