This form is a Gift Deed where the grantors are husband and wife and the grantees are husband and wife. Grantors give and convey the described property to grantees who take the property as joint tenants with the right of survivorship, community property, community property with the right of survivorship, or as tenants in common. This deed complies with all state statutory laws.
Travis Texas Gift Deed — Husband and Wife to Husband and Wife is a legal document used to transfer ownership of real property as a gift between spouses in Travis County, Texas. This specific type of gift deed pertains to transfers made exclusively between married couples. It allows the transferring spouse (granter) to give ownership rights to the receiving spouse (grantee) without any monetary consideration. Here is a detailed description of Travis Texas Gift Deed — Husband and Wife to Husband and Wife, along with some variations you may come across: 1. Travis Texas Gift Deed — Husband and Wife to Husband and Wife: This is the standard form of a gift deed that enables the transfer of property between spouses in Travis County, Texas. It is typically used when one spouse wishes to gift their ownership interest in a property to the other spouse during their marriage. 2. Joint Tenancy with Right of Survivorship: This type of gift deed allows the spouses to hold joint ownership of the property. It includes the right of survivorship, ensuring that if one spouse passes away, the surviving spouse automatically becomes the sole owner. 3. Tenancy in Common: Unlike joint tenancy, tenancy in common allows each spouse to have a separate and distinct share of the property. This means that each spouse can transfer or sell their portion independently, and in the event of death, their share will pass to their chosen beneficiary. 4. Life Estate with Remainder Interest: In this gift deed variation, one spouse grants a life estate to the other spouse, which means the recipient has the right to use and enjoy the property during their lifetime. However, upon their death, the property will pass to a third-party beneficiary, such as a child or family member, as a remainder interest. 5. Enhanced Life Estate Deed (Lady Bird Deed): Also known as a Lady Bird Deed, this type of gift deed allows the granter spouse to retain control and possession of the property during their lifetime, with the ability to sell, lease, or mortgage it without the consent of the receiving spouse. However, upon the granter spouse's death, the property automatically passes to the recipient spouse, avoiding the need for probate. These variations reflect the different ways couples can structure the gift deed to suit their specific circumstances and estate planning goals. It is crucial to consult an attorney to ensure the most appropriate choice is made based on individual needs and to comply with Texas laws.
