Also known as a "Lady Bird" Deed, this form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are two individuals or husband and wife. 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 Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
A College Stations Texas Lady Bird or Enhanced Life Estate Warranty Deed from Individual to Two Individuals or Husband and Wife is a legal document that transfers ownership of a property from one individual to two individuals, who are either married or in a spousal relationship. This type of deed provides certain protections and benefits to the transferring parties and their spouses. In College Station, Texas, two common types of Lady Bird or Enhanced Life Estate Warranty Deeds that involve transferring property from an individual to a married couple or individuals in a spousal relationship are: 1. Lady Bird Deed: Also known as an Enhanced Life Estate Deed, the Lady Bird Deed allows the original property owner (the granter) to retain control and rights to the property during their lifetime, while naming the two individuals (the grantees) as the remainder beneficiaries who will inherit the property upon the granter's passing. The grantees have no ownership rights during the granter's lifetime, but gain full ownership rights after the granter's death, bypassing the need for probate. This type of deed offers flexibility and enables the granter to sell or mortgage the property without the consent of the grantees. 2. Martial Life Estate Deed: Similar to the Lady Bird Deed, the Martial Life Estate Deed allows one spouse (the granter) to retain control and rights to the property during their lifetime, while designating the other spouse (the grantee) as the remainder beneficiary who will become the sole owner of the property upon the granter's death. This type of deed is commonly used in Texas because it aligns with the state's community property laws, ensuring a smooth transfer of ownership between spouses. The main advantage of using these types of deeds is the ability to avoid probate, which can be a lengthy and costly process. It also allows the granter to maintain control and ownership rights during their lifetime, while ensuring a seamless transfer of the property to the designated beneficiaries upon their passing. Additionally, these deeds provide protection against Medicaid recovery for long-term care expenses, as the property bypasses the granter's estate and does not count as an asset for Medicaid eligibility purposes. In summary, College Station Texas Lady Bird or Enhanced Life Estate Warranty Deeds from Individual to Two Individuals or Husband and Wife provide a means for individuals to transfer property to their spouses or two individuals, while retaining control and avoiding probate. These deeds offer various benefits, such as flexibility in property management, protection against Medicaid recovery, and a streamlined transfer of ownership upon the granter's death.
