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.
The Alameda California Enhanced Life Estate is a unique estate planning tool that allows an individual to transfer their property to two individuals, specifically a husband and wife, while retaining control and use of the property during their lifetime. This type of deed is commonly known as the Lady Bird Grant Deed. This enhanced life estate deed provides several benefits to the granter and the grantees. The granter, also known as the life tenant, maintains complete control over the property, including the ability to make changes, sell, rent, or mortgage it without obtaining the consent of the grantees. Furthermore, the granter can also enjoy the benefits and income generated by the property during their lifetime. The grantees, on the other hand, receive immediate ownership rights to the property upon the granter's death, bypassing the cumbersome probate process. This is a significant advantage as it allows for the quick transfer of ownership while avoiding any potential disputes or delays that could arise in probate court. The Alameda California Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife offers additional protection by preserving the stepped-up basis for capital gains tax purposes. This means that upon the granter's death, the property's value is adjusted to its current fair market value, providing potential tax benefits to the grantees if they decide to sell the property in the future. In Alameda County, there are a few variations of the Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife. These include: 1. Traditional Lady Bird Deed: This type of deed is a variation of the enhanced life estate deed, where the granter retains certain limited powers during their lifetime, such as the ability to sell or mortgage the property without the need for consent from the grantees. 2. Enhanced Lady Bird Deed: This variation includes additional provisions that allow the granter to retain the right to live in the property until their death or until they voluntarily decide to transfer it to the grantees. This allows the granter more flexibility and control over the property during their lifetime. 3. Survivorship Deed: This type of deed is commonly used by married couples to transfer property ownership to the surviving spouse automatically upon the death of one spouse. The surviving spouse becomes the sole owner of the property, bypassing probate. In conclusion, the Alameda California Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife is an advantageous estate planning tool that allows the granter to retain control over their property during their lifetime while ensuring a seamless transfer of ownership to the grantees upon their death. It provides numerous benefits, including the avoidance of probate, preservation of stepped-up basis, and flexibility in property management. The variations include the traditional and enhanced Lady Bird Deeds, as well as the Survivorship Deed for married couples.The Alameda California Enhanced Life Estate is a unique estate planning tool that allows an individual to transfer their property to two individuals, specifically a husband and wife, while retaining control and use of the property during their lifetime. This type of deed is commonly known as the Lady Bird Grant Deed. This enhanced life estate deed provides several benefits to the granter and the grantees. The granter, also known as the life tenant, maintains complete control over the property, including the ability to make changes, sell, rent, or mortgage it without obtaining the consent of the grantees. Furthermore, the granter can also enjoy the benefits and income generated by the property during their lifetime. The grantees, on the other hand, receive immediate ownership rights to the property upon the granter's death, bypassing the cumbersome probate process. This is a significant advantage as it allows for the quick transfer of ownership while avoiding any potential disputes or delays that could arise in probate court. The Alameda California Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife offers additional protection by preserving the stepped-up basis for capital gains tax purposes. This means that upon the granter's death, the property's value is adjusted to its current fair market value, providing potential tax benefits to the grantees if they decide to sell the property in the future. In Alameda County, there are a few variations of the Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife. These include: 1. Traditional Lady Bird Deed: This type of deed is a variation of the enhanced life estate deed, where the granter retains certain limited powers during their lifetime, such as the ability to sell or mortgage the property without the need for consent from the grantees. 2. Enhanced Lady Bird Deed: This variation includes additional provisions that allow the granter to retain the right to live in the property until their death or until they voluntarily decide to transfer it to the grantees. This allows the granter more flexibility and control over the property during their lifetime. 3. Survivorship Deed: This type of deed is commonly used by married couples to transfer property ownership to the surviving spouse automatically upon the death of one spouse. The surviving spouse becomes the sole owner of the property, bypassing probate. In conclusion, the Alameda California Enhanced Life Estate or Lady Bird Grant Deed from Individual to Two Individuals or Husband and Wife is an advantageous estate planning tool that allows the granter to retain control over their property during their lifetime while ensuring a seamless transfer of ownership to the grantees upon their death. It provides numerous benefits, including the avoidance of probate, preservation of stepped-up basis, and flexibility in property management. The variations include the traditional and enhanced Lady Bird Deeds, as well as the Survivorship Deed for married couples.
