This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee Beneficiaries are two 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. This deed complies with all state statutory laws.
Kings New York Enhanced Life Estate (also known as the Lady Bird Warranty Deed) is a type of property transfer that allows an individual to transfer their real estate to two individuals while retaining certain rights and privileges during their lifetime. This legal arrangement is commonly used in estate planning, particularly for married couples or family members. Under this type of deed, the individual (the granter) transfers ownership of the property to two individuals (the grantees), usually their children or other trusted individuals. The granter, however, reserves a life estate, which grants them the right to continue living in or using the property until their passing. This ensures that the granter can enjoy the property while also simplifying the ownership transition upon their death. The Kings New York Enhanced Life Estate or Lady Bird Warranty Deed provides numerous benefits for both the granter and the grantees. Firstly, it allows the granter to avoid probate, a legal process through which a deceased person's assets are distributed, by automatically transferring ownership to the grantees upon the granter's death. This eliminates the need for lengthy court proceedings and potentially reduces costs. Additionally, this type of deed provides financial protection for the grantees. While the granter is alive, they maintain complete control over the property and can even sell or mortgage it without the grantees' consent. However, the granter cannot revoke the deed unilaterally or change the grantees without their agreement. Furthermore, the Kings New York Enhanced Life Estate or Lady Bird Warranty Deed offers asset protection benefits during the granter's lifetime. The property is shielded from potential creditors or nursing home costs, reducing the risk of losing assets. It is important to note that there are no distinct variations of the Kings New York Enhanced Life Estate or Lady Bird Warranty Deed in terms of the number of individuals involved in the transfer. Regardless of whether two individuals or more are included as grantees, the basic principles and benefits of this type of deed remain the same. In conclusion, the Kings New York Enhanced Life Estate or Lady Bird Warranty Deed is a favorable option for individuals wishing to transfer property to multiple individuals while maintaining control and enjoyment during their lifetime.
