This form is an Enhanced Life Estate Deed, also known as a Lady Bird Deed, where the Grantors are Husband and Wife and the Grantee is an Individual. Grantors convey and warrant the described property to the Grantee subject to a reserved enhanced life estate in each Grantor. Further, the Grantors reserve the right to mortgage, sell, burden, and otherwise use the property and retain all profits without interference from Grantee during the course of the life estates. This deed complies with all state statutory laws.
An Austin Texas Enhanced Life Estate or Lady Bird Deed is a legal document that allows a married couple to transfer property to an individual while retaining certain rights and benefits during their lifetime. This type of deed is commonly used in estate planning to ensure the smooth transfer of property and avoid probate. One of the key features of an Enhanced Life Estate or Lady Bird Deed is that it grants the married couple, referred to as the granters, the ability to freely use and enjoy the property during their lifetime. They retain control over the property, including the right to sell, mortgage, or lease it without the consent of the individual, known as the grantee. The primary purpose of this deed is to avoid probate, which is the legal process of distributing a deceased person's assets. By creating an Enhanced Life Estate or Lady Bird Deed, the property will automatically transfer to the grantee upon the death of the last surviving granter, bypassing the need for probate. This type of deed also provides protection for the granters in case they require long-term care or medical assistance. If one or both granters need to receive Medicaid benefits, the property will not be considered an asset that could impact their eligibility for the program. However, it is essential to consult with an attorney or financial advisor specializing in Medicaid planning to ensure compliance with all relevant regulations. In Austin, Texas, there are no distinct variations or different types of Enhanced Life Estate or Lady Bird Deeds specific to the region. However, the concept of the Lady Bird Deed originated in Texas and was named after Lady Bird Johnson, the former First Lady of the United States, who popularized this type of deed. Implementing an Austin Texas Enhanced Life Estate or Lady Bird Deed can provide significant benefits for a married couple, including the ability to retain control over their property during their lifetime, avoid probate, and protect their assets if they require long-term care. However, it is crucial to consult with a qualified attorney specializing in estate planning and property law to ensure the deed is properly drafted and executed according to Texas state laws.
