This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. The Grantee must survive the Grantor or the conveyaqnce is null and void. This deed complies with all state statutory laws.
South Carolina Enhanced Life Estate or Lady Bird Warranty Deed from Individual to Individual
State:
South Carolina
Control #:
SC-025-78
Format:
Word;
Rich Text
Instant download
Description
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FAQ
An enhanced life estate deed is also known as a lady bird deed, or simply an enhanced deed. It is a specific type of legal document which enables a property owner to transfer their property to a named beneficiary upon their death.
While you can draft a Ladybird Deed on your own, it is always best to have something like this done by an experienced attorney. These are documents that need to be done correctly, or it can create additional issues for your loved ones.
This right to rescind is what distinguishes a Lady Bird Deed from a standard Life Estate Deed.A properly written, signed and filed Enhanced Life Estate Deed does supersede the terms of the owner's Will, so long as the grantor has not exercised the retained right to reclaim ownership while living.
The Florida enhanced life estate deed allows the estate holder to convey or mortgage the property without approval of the remainderman. This gives the property owner of the life estate flexibility during the owner's life.
What is an Enhanced Life Estate Deed? It is a document that is primarily used to avoid the probate of real estate.If the person creating the deed does not sell the property during his or her lifetime, the home will pass directly to the named beneficiaries after the death of the grantor(s).
A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.
A Lady Bird deed avoids probate, so the home is not part of the probate estate and Medicaid cannot go after it.
The two types of life estates are the conventional and the legal life estate. the grantee, the life tenant. Following the termination of the estate, rights pass to a remainderman or revert to the previous owner.
Lady bird deeds differ from traditional life estate deeds in that the life tenant continues to have the right to sell or mortgage his / her home without beneficiary consent. In fact, the life tenant is even able to cancel the deed or change the beneficiary.