IL HB1523

Creates the Deeds Effective on Death Act, allowing property owners to designate a beneficiary to receive real property upon the owner's death through a deed that explicitly states it takes effect only after death.

Deed must be executed and recorded with the county recorder in the county or counties where the real property is located prior to the owner's death to be effective.

Beneficiary deeds do not require consideration or delivery to the grantee beneficiary and may transfer property to a trust estate regardless of whether the trust is revocable.

Does not preclude other legal methods of conveyancing that postpone enjoyment of property until the owner's death and does not invalidate deeds recorded after the owner's death if otherwise effective by law.