This form is a Grant Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are three individuals. 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 Grantees, with the exception of the right to transfer the property by will. Grantees are required to survive the Grantor in order to receive the real property. This deed complies with all state statutory laws.
In Santa Clara, California, an Enhanced Life Estate or Lady Bird Grant Deed from an individual to three individuals is a legally recognized document that facilitates the transfer of real estate ownership while allowing certain advantageous rights and benefits for the granter (original owner) during their lifetime. This specialized type of deed, often referred to as a "Lady Bird Deed," offers unique advantages for estate planning purposes. The Lady Bird Deed derives its name from former First Lady Claudia "Lady Bird" Johnson, as she reportedly utilized this type of deed for estate planning purposes. It gained popularity due to its ability to avoid probate and potentially preserve Medicaid eligibility for the granter. In the Santa Clara area, there are several variations of the Enhanced Life Estate or Lady Bird Grant Deed that serve different purposes and accommodate various scenarios. 1. Standard Lady Bird Deed: This is the most common type of Lady Bird Deed, allowing the granter to maintain complete control over the property during their lifetime. They retain the right to sell, mortgage, or alter the property without needing the consent of the grantees (the three individuals). The granter can choose to live on the property or rent it out, all while retaining ownership until their passing. 2. Reserved Life Estate Lady Bird Deed: In this variation, the granter reserves the right to live in, use, and possess the property during their lifetime. However, they cannot sell or mortgage it without the consent of the grantees. This type of deed offers more protection to the grantees, ensuring that the granter cannot make changes without their agreement. 3. Affordable Housing Lady Bird Deed: Santa Clara, like many other areas, acknowledges the need for affordable housing options. This specific type of deed can be used to convey real estate to three individuals who meet the income and affordability requirements set by local housing authorities. It allows the granter to transfer ownership of a property, primarily for the purpose of affordable housing provision. These different variations of the Enhanced Life Estate or Lady Bird Grant Deed offer flexibility for individuals in Santa Clara, enabling them to customize their estate plans according to their specific needs and preferences. It is crucial to consult with an experienced real estate attorney or estate planning professional who specializes in Santa Clara County to ensure that all legal requirements are met and the desired outcomes are achieved.In Santa Clara, California, an Enhanced Life Estate or Lady Bird Grant Deed from an individual to three individuals is a legally recognized document that facilitates the transfer of real estate ownership while allowing certain advantageous rights and benefits for the granter (original owner) during their lifetime. This specialized type of deed, often referred to as a "Lady Bird Deed," offers unique advantages for estate planning purposes. The Lady Bird Deed derives its name from former First Lady Claudia "Lady Bird" Johnson, as she reportedly utilized this type of deed for estate planning purposes. It gained popularity due to its ability to avoid probate and potentially preserve Medicaid eligibility for the granter. In the Santa Clara area, there are several variations of the Enhanced Life Estate or Lady Bird Grant Deed that serve different purposes and accommodate various scenarios. 1. Standard Lady Bird Deed: This is the most common type of Lady Bird Deed, allowing the granter to maintain complete control over the property during their lifetime. They retain the right to sell, mortgage, or alter the property without needing the consent of the grantees (the three individuals). The granter can choose to live on the property or rent it out, all while retaining ownership until their passing. 2. Reserved Life Estate Lady Bird Deed: In this variation, the granter reserves the right to live in, use, and possess the property during their lifetime. However, they cannot sell or mortgage it without the consent of the grantees. This type of deed offers more protection to the grantees, ensuring that the granter cannot make changes without their agreement. 3. Affordable Housing Lady Bird Deed: Santa Clara, like many other areas, acknowledges the need for affordable housing options. This specific type of deed can be used to convey real estate to three individuals who meet the income and affordability requirements set by local housing authorities. It allows the granter to transfer ownership of a property, primarily for the purpose of affordable housing provision. These different variations of the Enhanced Life Estate or Lady Bird Grant Deed offer flexibility for individuals in Santa Clara, enabling them to customize their estate plans according to their specific needs and preferences. It is crucial to consult with an experienced real estate attorney or estate planning professional who specializes in Santa Clara County to ensure that all legal requirements are met and the desired outcomes are achieved.
