How to Increase the Net Worth in Our Communities

Brenda Sheriff, C.S.A.
Brenda Sheriff, C.S.A.

 How to Increase the Net Worth in Our Communities

Continued from last week:

5) If there’s a trust or TODI (Transfer On Death Instrument), follow those paths. A properly funded living trust allows the successor trustee to sign a Trustee’s Deed to the beneficiary. A TODI recorded before death lets the named beneficiary record a Notice of Death Affidavit and Acceptance, then take title outside probate.

6) Record the deed and update tax rolls. After the representative signs the Administrator’s/Executor’s Deed (or Trustee’s Deed/TODI acceptance), record it with the Cook County Clerk’s Recording Division. Also file any required state/county transfer tax declarations and update the County Assessor and Treasurer for billing and exemptions.

7) Pay claims before distributing. Illinois law requires estate expenses, allowed claims, and any spouse/child awards to be paid in order of priority before heirs receive real property. Distribute only after the claim period runs or known claims are resolved.

Cook County/Illinois law notes.

• Order Declaring Heirship: The Probate Division has a standard form and expects proof via affidavit or testimony. • Small Estate Affidavit: Useful for personal property under statutory limits, but not a substitute for a deed from the estate for Cook County real estate.

Statute reference and effective date. Illinois probate procedures—including determination of heirship and letters of administration (see 755 ILCS 5, notably Article IX)—are part of the Probate Act of 1975, which took effect January 1, 1976, with later amendments. Always check current local rules and forms.

Bottom line: In Cook County, if the last deed shows sole ownership at death and there’s no trust or TODI, open probate, obtain an Order Declaring Heirship, and transfer title by Administrator’s/Executor’s Deed—then record it. That sequence keeps the chain of title clean and future sales smooth.

The key to increasing the networth in our communities is to make sure that the value of assets owned by deceased persons in our community, especially their real estate assets has “a clean title” that can be readily transferred through sale or inheritance to another member of our community. 

You may have observed a thriving business, apartment building, or residence fall into disrepair, detracting from both the fiscal and esthetic value of our community.  When this happens, the net worth of our community decreases, making our communities less attractive to banks and other commercial ventures, i.e. national chain stores, restaurants, and other major employers.

The issues that I raise and discuss in this column I have never heard addressed by our elected officials at any level.  Yet, all governmental budgets are directly affected by the net worth of “we the people”.  To me it is a no brainer that our elected officials would encourage their constituents to “get their houses in order”, it makes all the difference in how the net worth of our communities can be retained and/or expanded. Proactive estate planning is not just a matter of legal formalities – it is a vital strategy for sustaining the long-term prosperity and stability of neighborhoods in our communities.  Thus, a vital NEW key to increasing the net worth in our communities.  Contact any of your elected officials and ask what their office is doing to preserve or increase the net worth of our community.  Your quality of life may depend on it.

Brenda Sheriff, C.S.A.

THIS WEEK’S QUIZ: If property is owned jointly and one of the owners dies, is the title to the property automatically put in the survivor’s name?

Answer to last week’s quiz: If you are a single parent with minor children without any legal guardianship documents in place, what can happen to your children may not be what you would want.  Get something in place today to protect your children. 

To get a more detailed answer to last week’s quiz or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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