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 life estate deed without warranty is a legal document executed in the state of New Mexico that grants an individual the right to possess and enjoy a property during their lifetime, without any warranties or guarantees regarding the property's condition. This type of deed establishes a specific ownership structure wherein the property's ownership is divided between a life tenant and a remainder man. In New Mexico, there are two main types of life estate deed without warranty: 1. Traditional Life Estate Deed without Warranty: This type of deed is the most common and straightforward form. It grants a person, known as the "life tenant," the right to use and benefit from the property for their lifetime. The life tenant is responsible for maintaining the property and paying any taxes or mortgages associated with it. Once the life tenant passes away, the property ownership transfers to the "remainder man," named in the deed. 2. Enhanced Life Estate Deed without Warranty: Also referred to as a "Lady Bird Deed," this type of deed offers additional benefits to the granter, especially regarding Medicaid and estate planning. It allows the granter to retain control over the property during their lifetime, including the right to sell or mortgage the property without seeking the remainder man's permission. Moreover, upon the granter's passing, the property automatically transfers to the remainder man, bypassing probate. When preparing a New Mexico life estate deed without warranty, it is crucial to include specific keywords to ensure legal clarity and validity. Important keywords to consider include: — Life estate: Referring to the right of the life tenant to possess and use the property for their lifetime. Remainder manan: The individual or entity named in the deed to receive ownership of the property after the life tenant's passing. — Deed without warranty: Specifying that there are no guarantees or warranties provided by the granter regarding the condition or title of the property. — Estate planning: Describing the purpose of the deed, which often includes planning for the seamless transfer of property upon the granter's death. — Medicaid planning: Highlighting the potential benefits of a Lady Bird Deed for Medicaid eligibility and asset protection. — Probate avoidance: Emphasizing the streamlined transfer of property ownership to the remainder man without the need for probate proceedings. — Property maintenance: Indicating the responsibility of the life tenant to maintain the property, including paying taxes, mortgages, and upkeep. When creating a New Mexico life estate deed without warranty, it is best to consult with a qualified attorney to ensure compliance with state laws and to address specific circumstances or requirements. It is also important to understand that while this content aims to provide general information, it is not legal advice, and professional guidance should always be sought when dealing with legal matters.
