This form is a Transfer on Death Deed where the Grantor/Vendor is an individual and the Grantees/Vendees are two individuals or husband and wife. This transfer is revocable by Grantor until death and effective only upon the death of the Grantor. This deed complies with all state statutory laws.
Shreveport Louisiana Enhanced Life Estate, commonly known as the Lady Bird Deed, is a legal instrument that allows an individual to transfer their property to two individuals, specifically a husband and wife, while retaining the right to live in and control the property during their lifetime. This type of deed offers several unique benefits and protections for the granter and the grantees. Under the Lady Bird Deed, the granter, usually the property owner, names themselves as the life tenant and designates the husband and wife as the remainder beneficiaries or grantees. The granter retains the right to live on the property and make decisions regarding its management without requiring the consent of the beneficiaries. This feature distinguishes the Lady Bird Deed from other forms of life estates. Through this arrangement, the granter can maintain control over the property throughout their lifetime, ensuring they can make alterations, sell, or mortgage it as per their preference. Moreover, they have the flexibility to revoke or modify the deed without seeking the beneficiaries' approval. This autonomy distinguishes the Lady Bird Deed from traditional life estates, where the granter's control is more limited. Additionally, the Lady Bird Deed offers protection for the beneficiaries. Upon the death of the granter, the property transfers automatically to the husband and wife as joint tenants with rights of survivorship. This means that if one spouse passes away, the surviving spouse automatically becomes the sole owner of the property, without the need for probate or any legal complications. It's worth noting that there are variations of the Shreveport Louisiana Enhanced Life Estate or Lady Bird Deed. One such variation is the "Lady Bird PLUS" Deed, which offers added protection should the granter need long-term care in the future. The Lady Bird PLUS Deed enables the granter to retain Medicaid eligibility and protects the property from becoming subject to Medicaid Estate Recovery after the granter's passing. In summary, the Shreveport Louisiana Enhanced Life Estate, also known as the Lady Bird Deed, is a specialized type of property transfer instrument that allows an individual to transfer their property to a husband and wife while maintaining control and lifetime rights. It offers flexibility and autonomy to the granter, while also providing protection and streamlined ownership transfer for the beneficiaries. The Lady Bird PLUS Deed is a variation that includes additional safeguards regarding Medicaid eligibility and recovery.Shreveport Louisiana Enhanced Life Estate, commonly known as the Lady Bird Deed, is a legal instrument that allows an individual to transfer their property to two individuals, specifically a husband and wife, while retaining the right to live in and control the property during their lifetime. This type of deed offers several unique benefits and protections for the granter and the grantees. Under the Lady Bird Deed, the granter, usually the property owner, names themselves as the life tenant and designates the husband and wife as the remainder beneficiaries or grantees. The granter retains the right to live on the property and make decisions regarding its management without requiring the consent of the beneficiaries. This feature distinguishes the Lady Bird Deed from other forms of life estates. Through this arrangement, the granter can maintain control over the property throughout their lifetime, ensuring they can make alterations, sell, or mortgage it as per their preference. Moreover, they have the flexibility to revoke or modify the deed without seeking the beneficiaries' approval. This autonomy distinguishes the Lady Bird Deed from traditional life estates, where the granter's control is more limited. Additionally, the Lady Bird Deed offers protection for the beneficiaries. Upon the death of the granter, the property transfers automatically to the husband and wife as joint tenants with rights of survivorship. This means that if one spouse passes away, the surviving spouse automatically becomes the sole owner of the property, without the need for probate or any legal complications. It's worth noting that there are variations of the Shreveport Louisiana Enhanced Life Estate or Lady Bird Deed. One such variation is the "Lady Bird PLUS" Deed, which offers added protection should the granter need long-term care in the future. The Lady Bird PLUS Deed enables the granter to retain Medicaid eligibility and protects the property from becoming subject to Medicaid Estate Recovery after the granter's passing. In summary, the Shreveport Louisiana Enhanced Life Estate, also known as the Lady Bird Deed, is a specialized type of property transfer instrument that allows an individual to transfer their property to a husband and wife while maintaining control and lifetime rights. It offers flexibility and autonomy to the granter, while also providing protection and streamlined ownership transfer for the beneficiaries. The Lady Bird PLUS Deed is a variation that includes additional safeguards regarding Medicaid eligibility and recovery.
