This form is a Grant Deed where the grantor(s) retains a life estate in the described property.
A Vista California Grant Deed — Parents to Child with Reservation of Life Estate is a legal document that transfers ownership of real property from parents to their child while reserving a life estate for the parents. This type of deed is commonly used as an estate planning tool to ensure the smooth transfer of property and to provide for the financial security of the parents during their lifetime. The granter (parents) uses the grant deed to transfer their interest in the property to the grantee (child), while retaining the right to use and live on the property until their death. The life estate is a legal right which allows the parents to occupy, use, and profit from the property for the remainder of their lives. Once the parents pass away, the property ownership automatically transfers completely to the child, who becomes the sole owner. By executing a Vista California Grant Deed — Parents to Child with Reservation of Life Estate, parents can ensure that their child will inherit the property without going through the probate process. This type of deed also helps to protect the property from potential creditors, as the parents still hold a life estate interest. There are two main variations of the Vista California Grant Deed — Parents to Child with Reservation of Life Estate: 1. Traditional Grant Deed with Reservation of Life Estate: This type of deed simply transfers ownership of the property from parents to child, with the parents retaining the right to live on the property until their death. It is a straightforward transfer of ownership with the life estate reservation. 2. Enhanced Life Estate Deed (also known as Lady Bird Deed): This variation of the grant deed allows the parents to retain more control and flexibility over the property during their lifetime. With an enhanced life estate deed, the parents have the right to sell, mortgage, or change the beneficiaries of the property without requiring the child's consent. This type of deed is commonly used to avoid probate and Medicaid recovery. In conclusion, a Vista California Grant Deed — Parents to Child with Reservation of Life Estate is a legal document that enables parents to transfer property ownership to their child while retaining a life estate interest. It ensures a smooth transfer of property and provides financial security for parents during their lifetime. The two main variations of this deed are the traditional grant deed with reservation of life estate and the enhanced life estate deed, also known as a Lady Bird deed.
