This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. This form is also known as a "Lady Bird" Deed. 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. This deed complies with all state statutory laws.
A Chicago Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual is a legal document used in real estate transactions that grants a temporary life estate to an individual, known as the life tenant, while also providing them with the ability to transfer the property to a beneficiary without going through probate upon their death. This type of deed allows for flexibility and control over the property while still ensuring a smooth transfer of ownership. Key elements of the Lady Bird or Enhanced Life Estate Deed include the following: 1. Life tenant: The individual who owns the property and retains the right to live in or use the property for their lifetime. They have the freedom to sell, mortgage, or lease the property or change beneficiaries during their lifetime. 2. Remainder man: The individual designated as the beneficiary who will automatically receive ownership of the property upon the death of the life tenant, without the need for probate. The remainder man does not have any rights or obligations during the life tenant's lifetime. 3. Enhanced benefits: Unlike a traditional life estate deed, the Lady Bird or Enhanced Life Estate Deed allows the life tenant to retain complete control over the property, including the right to sell or mortgage without the consent of the remainder man. This provides the life tenant with enhanced benefits and flexibility. 4. Probate avoidance: One of the main advantages of this type of deed is its ability to bypass probate. Upon the death of the life tenant, the property automatically transfers to the remainder man, avoiding the need for complicated and time-consuming probate proceedings. In Chicago, there are no specific variations or subtypes of the Lady Bird or Enhanced Life Estate Deed — Individual to Individual that deviate significantly from the general concept described above. However, it is important to consult an attorney familiar with Chicago real estate laws to ensure compliance with any local regulations or requirements. In summary, the Chicago Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual is a powerful estate planning tool that allows a property owner to retain control over their property during their lifetime while ensuring a seamless transfer of ownership to a designated beneficiary upon their death, bypassing probate.A Chicago Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual is a legal document used in real estate transactions that grants a temporary life estate to an individual, known as the life tenant, while also providing them with the ability to transfer the property to a beneficiary without going through probate upon their death. This type of deed allows for flexibility and control over the property while still ensuring a smooth transfer of ownership. Key elements of the Lady Bird or Enhanced Life Estate Deed include the following: 1. Life tenant: The individual who owns the property and retains the right to live in or use the property for their lifetime. They have the freedom to sell, mortgage, or lease the property or change beneficiaries during their lifetime. 2. Remainder man: The individual designated as the beneficiary who will automatically receive ownership of the property upon the death of the life tenant, without the need for probate. The remainder man does not have any rights or obligations during the life tenant's lifetime. 3. Enhanced benefits: Unlike a traditional life estate deed, the Lady Bird or Enhanced Life Estate Deed allows the life tenant to retain complete control over the property, including the right to sell or mortgage without the consent of the remainder man. This provides the life tenant with enhanced benefits and flexibility. 4. Probate avoidance: One of the main advantages of this type of deed is its ability to bypass probate. Upon the death of the life tenant, the property automatically transfers to the remainder man, avoiding the need for complicated and time-consuming probate proceedings. In Chicago, there are no specific variations or subtypes of the Lady Bird or Enhanced Life Estate Deed — Individual to Individual that deviate significantly from the general concept described above. However, it is important to consult an attorney familiar with Chicago real estate laws to ensure compliance with any local regulations or requirements. In summary, the Chicago Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual is a powerful estate planning tool that allows a property owner to retain control over their property during their lifetime while ensuring a seamless transfer of ownership to a designated beneficiary upon their death, bypassing probate.
