This form is a Warranty 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. This deed is also known as a Lady Bird Deed. This deed complies with all state statutory laws.
A New Mexico life estate deed with a life estate is a legal document that allows an individual, known as the life tenant, to have ownership and control over a property for the duration of their life. This type of deed provides the life tenant with the right to live in and use the property until they pass away or choose to surrender their interest. The New Mexico life estate deed with a life estate is an effective estate planning tool that allows individuals to retain possession and control over their property while ensuring its smooth transfer to a designated beneficiary, known as the remainder man, upon the life tenant's death. There are different types of life estates in New Mexico that individuals can utilize, depending on their specific needs and goals: 1. Traditional Life Estate: In a traditional life estate, the life tenant has full rights to enjoy the property during their lifetime. Once the life tenant passes away, ownership transfers automatically to the remainder man, without the need for probate. 2. Life Estate with Powers: This type of life estate provides the life tenant with additional powers, allowing them to make changes to the property, sell it, or mortgage it during their lifetime. They retain control as long as they do not violate any restrictions set forth in the deed. 3. Life Estate with Remainder Interest: In a life estate with remainder interest, the life tenant designates a specific individual or entity as the remainder man. This ensures that ownership of the property transfers to the chosen remainder man after the life tenant's passing, bypassing the probate process. 4. Life Estate PUR Outré Vie: A life estatePURroutree vie is established when the life tenant's interest is tied to the life of another person, instead of the life tenant's own life. Upon the death of the individual upon which the life estate is based, the property is transferred to the remainder man. It is crucial to consult with an experienced estate planning attorney in New Mexico to ensure that a life estate deed is created accurately and effectively. The attorney can provide guidance on the different types of life estates available and assist in tailoring the deed to meet individual needs and circumstances. By utilizing a New Mexico life estate deed with a life estate, individuals can secure their right to live in and use their property while also ensuring a smooth transition of ownership to their chosen beneficiary upon their passing.
