Legal Question in Real Estate Law in Illinois

You need to have an attorney examine the deed to the property. If you hold title jointly with someone (or as tenants by the entirety), then the property would succeed to the surviving owner. Your children would not receive your interest unless you survive the other owner.

You can sever the joint tenancy by having an attorney prepare and record a deed for that purpose.

Regardless, you should make sure that your intentions are going to be realized by having an estate planning attorney review the facts to make sure your children will receive what you intend. Having a will prepared is highly recommended over the default inheritance provisions of Illinois law and will make the administration of the estate less costly. Depending on your circumstances, the default provisions of the law may not leave everything to your children as you expect.

Also, Illinois recently enacted a law providing for a Transfer on Death Instrument. I am not sure if it would be appropriate to use, but it is another consideration now.