Illinois General Assembly - Full Text of HB1523
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Full Text of HB1523  97th General Assembly

HB1523 97TH GENERAL ASSEMBLY


 


 
97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1523

 

Introduced 2/15/2011, by Rep. Sidney H. Mathias

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Deeds Effective on Death Act. Provides that a deed that conveys an interest in real property to a grantee designated by the owner, that expressly states that the deed is not to take effect until the death of the owner, transfers the interest provided to the designated grantee beneficiary, effective on death of the owner, if the deed is executed and filed of record with the recorder in the county or counties in which the real property is situated prior to the death of the owner. Provides that a beneficiary deed need not be supported by consideration or be delivered to the grantee beneficiary. Provides that a beneficiary deed may be used to transfer an interest in real property to a trust estate, regardless of the trust's revocability. Provides that the Act does not preclude other methods of conveyancing that are permitted by law and that have the effect of postponing enjoyment of an interest in real property until the death of the owner. Provides that the Act does not invalidate any deed, otherwise effective by law to convey title to the interest and estates therein provided, that is not recorded until after the death of the owner.


LRB097 08189 AJO 48314 b

 

 

A BILL FOR

 

HB1523LRB097 08189 AJO 48314 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Deeds
5Effective on Death Act.
 
6    Section 5. Deed effective on death of owner. A deed that
7conveys an interest in real property to a grantee designated by
8the owner, that expressly states that the deed is not to take
9effect until the death of the owner, transfers the interest
10provided to the designated grantee beneficiary, effective on
11death of the owner, if the deed is executed and filed of record
12with the recorder in the county or counties in which the real
13property is situated prior to the death of the owner. A
14beneficiary deed need not be supported by consideration or be
15delivered to the grantee beneficiary. A beneficiary deed may be
16used to transfer an interest in real property to a trust
17estate, regardless of the trust's revocability.
 
18    Section 10. Other conveyances. This Act does not preclude
19other methods of conveyancing that are permitted by law and
20that have the effect of postponing enjoyment of an interest in
21real property until the death of the owner. This Act does not
22invalidate any deed, otherwise effective by law to convey title

 

 

HB1523- 2 -LRB097 08189 AJO 48314 b

1to the interest and estates therein provided, that is not
2recorded until after the death of the owner.