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.
Cook Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual is a type of deed used in the state of Illinois that allows an individual to transfer their property to another individual while retaining the right to live in or occupy the property for the rest of their life. This type of deed is commonly used in estate planning to ensure a smooth transfer of property and to avoid probate. The Cook Illinois Lady Bird or Enhanced Life Estate Deed provides flexibility for the property owner, allowing them to maintain control and use of their property during their lifetime, while also ensuring a seamless transfer of ownership upon their death. This type of deed is often referred to as the "Lady Bird Deed" due to its first recorded use in Texas during the tenure of Lady Bird Johnson, the wife of former President Lyndon B. Johnson. Key features of the Cook Illinois Lady Bird or Enhanced Life Estate Deed include the ability to sell, mortgage, or gift the property during the individual's lifetime without the need for the consent or approval of the remainder beneficiaries, who are typically named in the deed. The remainder beneficiaries, usually family members or loved ones, will inherit the property automatically upon the individual's death, bypassing the need for probate. It's crucial to note that there are variations or types of Cook Illinois Lady Bird or Enhanced Life Estate Deeds — Individual to Individual. These variations can include different specifications or conditions set by the property owner. For example, the property owner may stipulate that the remainder beneficiaries only receive the property if they survive the property owner. Additionally, the owner may choose to reserve the right to revoke or modify the deed during their lifetime if circumstances change. In summary, the Cook Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual offers a practical solution for individuals who wish to transfer their property to loved ones while maintaining control and occupancy until their passing. It allows for the smooth transfer of property without the need for probate and gives the property owner the flexibility to make changes if necessary.Cook Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual is a type of deed used in the state of Illinois that allows an individual to transfer their property to another individual while retaining the right to live in or occupy the property for the rest of their life. This type of deed is commonly used in estate planning to ensure a smooth transfer of property and to avoid probate. The Cook Illinois Lady Bird or Enhanced Life Estate Deed provides flexibility for the property owner, allowing them to maintain control and use of their property during their lifetime, while also ensuring a seamless transfer of ownership upon their death. This type of deed is often referred to as the "Lady Bird Deed" due to its first recorded use in Texas during the tenure of Lady Bird Johnson, the wife of former President Lyndon B. Johnson. Key features of the Cook Illinois Lady Bird or Enhanced Life Estate Deed include the ability to sell, mortgage, or gift the property during the individual's lifetime without the need for the consent or approval of the remainder beneficiaries, who are typically named in the deed. The remainder beneficiaries, usually family members or loved ones, will inherit the property automatically upon the individual's death, bypassing the need for probate. It's crucial to note that there are variations or types of Cook Illinois Lady Bird or Enhanced Life Estate Deeds — Individual to Individual. These variations can include different specifications or conditions set by the property owner. For example, the property owner may stipulate that the remainder beneficiaries only receive the property if they survive the property owner. Additionally, the owner may choose to reserve the right to revoke or modify the deed during their lifetime if circumstances change. In summary, the Cook Illinois Lady Bird or Enhanced Life Estate Deed — Individual to Individual offers a practical solution for individuals who wish to transfer their property to loved ones while maintaining control and occupancy until their passing. It allows for the smooth transfer of property without the need for probate and gives the property owner the flexibility to make changes if necessary.
