IL HB2558

Creates the Deeds Effective on Death Act, establishing a new method for transferring real property that takes effect upon the owner's death.

Allows a deed to transfer property to a designated grantee beneficiary if it expressly states it takes effect only at the owner's death and is executed and filed with the county recorder of deeds before the owner's death.

Eliminates the requirement that beneficiary deeds be supported by consideration or delivered to the grantee beneficiary during the owner's lifetime.

Permits beneficiary deeds to transfer property to trust estates regardless of whether the trust is revocable or irrevocable.

Does not invalidate other existing methods of conveyancing that postpone enjoyment of property until death, nor does it affect deeds recorded after the owner's death that are otherwise valid under law.