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 Lady Bird or Enhanced Life Estate Warranty Deed — Individual to Individual in San Antonio, Texas, is a type of legal document used to transfer ownership of a property from one individual to another while maintaining the right of occupancy by the granter, typically until their death. This type of warranty deed is often used for estate planning purposes, allowing individuals to transfer property to their loved ones while still ensuring their own use and enjoyment of the property during their lifetime. This type of deed is commonly referred to as a "Lady Bird" deed, named after Lady Bird Johnson, the former First Lady of the United States, who popularized the concept in Texas. It is also known as an "Enhanced Life Estate Deed" or "Enhanced Life Estate Warranty Deed." The key feature of a Lady Bird or Enhanced Life Estate Warranty Deed is the retention of a life estate by the granter. The granter is the current owner of the property, while the grantee is the intended recipient. The granter maintains the right to use and benefit from the property during their lifetime, including the right to collect rent, sell the property, or modify it, without the need for the grantee's consent. This allows the granter to retain control and flexibility over their property while also facilitating the transfer of ownership. Upon the granter's death, the property automatically transfers to the grantee without the need for probate proceedings. This bypasses the need for a will or other estate planning tools, providing a streamlined transfer process. It is important to note that this type of deed is only effective upon the granter's death; until then, the granter retains full control and ownership rights. Lady Bird or Enhanced Life Estate Warranty Deeds have various benefits, including the avoidance of probate, potential tax advantages, and the ability to maintain Medicaid eligibility. By utilizing this type of deed, individuals can transfer property to their beneficiaries while ensuring their own security and quality of life. It is essential to consult with an experienced real estate attorney or estate planning professional when considering a Lady Bird or Enhanced Life Estate Warranty Deed. They can provide guidance on the specific requirements and implications of this type of deed in San Antonio, Texas, and help ensure a smooth and legally compliant transfer of property.
