Legal Question in Wills and Trusts in Illinois

Re: Will or Deed?

The deed rules; in fact, title passes by operation of law at death. The will is not relevant.

Re: Will or Deed?

The joint tenancy titling takes precedence. A will only directs property that is either titled in the sole name of the decedent or as tenants in common with another party. 'Rights of survivorship' means that the surviving joint tenant owns the property outright by operation of law immediately after the death of the deceased joint tenant. At the death of the last joint tenant, if title has not been changed, then the property will pass through the estate of the joint tenant that died last.

Re: Will or Deed?

Your will disposes of what you own as your separate property. It does not cover jointly owned property -- you and your partner received it subject to the survivorship right of the other.

If you die first, the property will pass to your partner. Your business interest is *probably* not owned that way, but may be. The financing apparently is, which means that an attempt to change the property may require consent of the mortgage holder, etc.

Since I assume this is *not* what you want, I suggest you begin steps immediately to rework the various title arrangements. If I can be of help, please contact me.