This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantors are two individuals or husband and wife and the Grantee is an individual. Grantors convey the property to Grantee subject to an enhanced retained life estate. The Grantors 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.
The Houston Texas Enhanced Life Estate or Lady Bird Grant Deed from Two Individuals, or Husband and Wife, to an Individual is a legal document used in the state of Texas to transfer ownership of real property from a married couple to an individual while providing certain protections and benefits for the couple. This type of deed is known as an "enhanced life estate deed" or a "Lady Bird deed" due to its origins in a 1981 deed executed by President Lyndon B. Johnson and his wife, Lady Bird Johnson. This type of deed allows for the transfer of property to an individual, referred to as the "grantee," while specifically designating the individuals transferring the property, known as the "granters," as the "retained life estate holders." The main advantage of an Enhanced Life Estate or Lady Bird Grant Deed is that the granters retain control and ownership over the property during their lifetime, with the ability to sell, mortgage, or change their minds about the transfer without the consent of the grantee. This form of deed ensures the granters have the full use and enjoyment of the property until their death, at which point the property automatically transfers to the grantee without the need for probate. The use of this type of deed helps to avoid the time-consuming probate process and offers other benefits such as Medicaid planning. By retaining their life estate, the granters are able to qualify for Medicaid if needed, as the property is not considered part of their assets, thus allowing them to receive government assistance for long-term care expenses. Upon the death of the granters, the property automatically passes to the grantee without being subject to any claims or liens against the granters' estate, providing further protections for the grantee. In Houston, Texas, there are no specific variations of the Enhanced Life Estate or Lady Bird Grant Deed from Two Individuals, or Husband and Wife, to an Individual. However, there may be slight differences in the application and recording process depending on the county in which the property is located. It is important to consult with a qualified real estate attorney or title company to ensure compliance with local laws and requirements when executing this type of deed in Houston, Texas.The Houston Texas Enhanced Life Estate or Lady Bird Grant Deed from Two Individuals, or Husband and Wife, to an Individual is a legal document used in the state of Texas to transfer ownership of real property from a married couple to an individual while providing certain protections and benefits for the couple. This type of deed is known as an "enhanced life estate deed" or a "Lady Bird deed" due to its origins in a 1981 deed executed by President Lyndon B. Johnson and his wife, Lady Bird Johnson. This type of deed allows for the transfer of property to an individual, referred to as the "grantee," while specifically designating the individuals transferring the property, known as the "granters," as the "retained life estate holders." The main advantage of an Enhanced Life Estate or Lady Bird Grant Deed is that the granters retain control and ownership over the property during their lifetime, with the ability to sell, mortgage, or change their minds about the transfer without the consent of the grantee. This form of deed ensures the granters have the full use and enjoyment of the property until their death, at which point the property automatically transfers to the grantee without the need for probate. The use of this type of deed helps to avoid the time-consuming probate process and offers other benefits such as Medicaid planning. By retaining their life estate, the granters are able to qualify for Medicaid if needed, as the property is not considered part of their assets, thus allowing them to receive government assistance for long-term care expenses. Upon the death of the granters, the property automatically passes to the grantee without being subject to any claims or liens against the granters' estate, providing further protections for the grantee. In Houston, Texas, there are no specific variations of the Enhanced Life Estate or Lady Bird Grant Deed from Two Individuals, or Husband and Wife, to an Individual. However, there may be slight differences in the application and recording process depending on the county in which the property is located. It is important to consult with a qualified real estate attorney or title company to ensure compliance with local laws and requirements when executing this type of deed in Houston, Texas.
