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Effective January 1, 2012 - HB 1153 (Bradley/Wilhelmi) P.A. 97-0555 creates the Illinois Residential Real Property Transfer on Death Instrument Act. The Act will establish procedures for the non-testamentary transfer of residential real estate upon the death of the owner. The act defines Residential real estate to include one to four housing unit properties; condominium units’ units in residential cooperatives; and a single tract of agriculture real estate not larger than 40 acres improved with a single family residence. A Transfer on Death Instrument is revocable at any time prior to the owner’s death. Following the death of the owner, the designated beneficiary takes ownership subject to creditors’ rights against the real property to the same extent as with any other non-testamentary transfer. A transfer on death instrument, or any document of revocation of a transfer on death instrument, may only be prepared by the owner himself or herself or by an attorney licensed in Illinois.