When I first read Romeo and Juliet in high school, I remember being intrigued by pairs of words such as, beloved /belovèd and learned/learnèd where there's an accent grave on the 'e' of the last The formulaic expression dearly departed seems to have emerged in the mid 19th century, and dear departed in the early 18th century (per a lazy ngram search). I suspect some obituary column editor felt an adverb was needed to modify departed and that (bogus) edit "stuck". Possibly influenced by dearly beloved . 4 Looking at the original spelling in Shakespeare's sonnets, he was somewhat inconsistent. But he never used an accent, and he generally used belov'd for the two-syllable pronunciation (which the OP spells beloved ) and beloved for the three-syllable pronunciation (which the OP spells belovèd). However, you find ' beloved ' more frequently used than 'loved' when you are using it as an adjective. So, to answer this, if you are using the word as an adjective, prefer which is more common and understandable - beloved .
