This form is a Grant Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are two individuals or husband and wife. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. Grantees are required to survive the Grantor in order to receive an interest in the real property. This deed complies with all state statutory laws.
San Bernardino California Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife: Explained The San Bernardino County in California offers property owners the option of executing an Enhanced Life Estate or Lady Bird Grant Deed when transferring property to two individuals, especially in the case of a husband and wife. This type of deed ensures various benefits and protections for the granters and grantees alike. Also known as a "lady bird deed," this type of grant deed allows the granters (the individuals transferring the property) to maintain full control over the property during their lifetime while providing a more streamlined process for transferring title upon their passing. It essentially allows the granters to retain a life estate, meaning they can live on and use the property for as long as they are alive. Key Features of the San Bernardino California Enhanced Life Estate or Lady Bird Grant Deed: 1. Granter Retains Control: With this type of deed, the granter(s) continue to have full control over the property, including the ability to sell, lease or mortgage it without requiring the grantees' consent. 2. Automatic Transfer of Title: The deed ensures automatic transfer of the property to the grantees (usually the husband and wife) upon the death of the granters, without the need for probate. This saves time, money, and reduces the complexity often associated with estate planning. 3. Medicaid Planning Benefits: An Enhanced Life Estate or Lady Bird Grant Deed can provide advantages when it comes to Medicaid planning. Since the granter(s) retain control over the property, it does not classify as a disqualifying transfer of assets for Medicaid eligibility purposes. 4. Protection from Creditors: In certain situations, this type of deed offers protection against creditors, as the property does not become a part of the granter(s)' probate estate upon their passing. This can be beneficial in asset protection strategies. Different Types of Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife: 1. Enhanced Life Estate with Rights of Survivorship: This type of deed includes a right of survivorship, meaning that upon the death of one of the grantees, the surviving grantee automatically becomes the sole owner of the property. 2. Enhanced Life Estate with Remainder Interest: In this scenario, the granters transfer the property to the grantees, but retain a remainder interest. This means that upon the death of the granters, the property passes to a designated remainder man, who could be a different individual or a trust. In conclusion, the San Bernardino California Enhanced Life Estate or Lady Bird Grant Deed allows property owners to transfer their property to two individuals, typically a husband and wife, while retaining control and providing a streamlined transfer process upon their passing. It offers benefits such as avoiding probate, Medicaid planning advantages, and potential protection from creditors. Different types of this deed include enhanced life estate with rights of survivorship and enhanced life estate with remainder interest.San Bernardino California Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife: Explained The San Bernardino County in California offers property owners the option of executing an Enhanced Life Estate or Lady Bird Grant Deed when transferring property to two individuals, especially in the case of a husband and wife. This type of deed ensures various benefits and protections for the granters and grantees alike. Also known as a "lady bird deed," this type of grant deed allows the granters (the individuals transferring the property) to maintain full control over the property during their lifetime while providing a more streamlined process for transferring title upon their passing. It essentially allows the granters to retain a life estate, meaning they can live on and use the property for as long as they are alive. Key Features of the San Bernardino California Enhanced Life Estate or Lady Bird Grant Deed: 1. Granter Retains Control: With this type of deed, the granter(s) continue to have full control over the property, including the ability to sell, lease or mortgage it without requiring the grantees' consent. 2. Automatic Transfer of Title: The deed ensures automatic transfer of the property to the grantees (usually the husband and wife) upon the death of the granters, without the need for probate. This saves time, money, and reduces the complexity often associated with estate planning. 3. Medicaid Planning Benefits: An Enhanced Life Estate or Lady Bird Grant Deed can provide advantages when it comes to Medicaid planning. Since the granter(s) retain control over the property, it does not classify as a disqualifying transfer of assets for Medicaid eligibility purposes. 4. Protection from Creditors: In certain situations, this type of deed offers protection against creditors, as the property does not become a part of the granter(s)' probate estate upon their passing. This can be beneficial in asset protection strategies. Different Types of Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife: 1. Enhanced Life Estate with Rights of Survivorship: This type of deed includes a right of survivorship, meaning that upon the death of one of the grantees, the surviving grantee automatically becomes the sole owner of the property. 2. Enhanced Life Estate with Remainder Interest: In this scenario, the granters transfer the property to the grantees, but retain a remainder interest. This means that upon the death of the granters, the property passes to a designated remainder man, who could be a different individual or a trust. In conclusion, the San Bernardino California Enhanced Life Estate or Lady Bird Grant Deed allows property owners to transfer their property to two individuals, typically a husband and wife, while retaining control and providing a streamlined transfer process upon their passing. It offers benefits such as avoiding probate, Medicaid planning advantages, and potential protection from creditors. Different types of this deed include enhanced life estate with rights of survivorship and enhanced life estate with remainder interest.
