Legal Question in Real Estate Law in Illinois

Actually, I would recommend that you place this parcel of real property in a land trust or a revocable family trust. Either would shield it from probate. Your daughter is not an adult until she attains 18 years of age. You can feel free to contact me if you like.

In addition, I'm not quite sure what you mean about "I am paying off the college expense" if she's only 16. If she's already in college, that's remarkable! Otherwise, if you're worried about her future, the ability to obtain financial aid is based on a lot of factors, whether the condo is in your name or hers. You and she may want to go online at www.fafsa.ed.gov and fill out the standardized student aid application to see whether she will qualify and if so for how much aid. You will be able to see how your financial picture will affect her and this may help in estate/financial planning which may be along the lines that Mr. Dobra is suggesting. At least you're thinking ahead!! Good for you, and good luck!