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.
Beaumont Texas Enhanced Life Estate Deed or Lady Bird Deed — Husband and Wife to Individual is a legal instrument that allows homeowners in Beaumont, Texas, to transfer their property to an individual while retaining the right to live in and manage the property during their lifetime. This type of deed can provide various benefits, including avoiding probate, Medicaid planning, and flexibility in asset management. The Beaumont Texas Enhanced Life Estate Deed, commonly known as the Lady Bird Deed, is named after Lady Bird Johnson, the former First Lady who used a similar deed in Texas. It is an enhanced version of a traditional life estate deed, with added flexibility and benefits for the granters (the homeowners). With this deed, the husband and wife (or any couple) can transfer their property to an individual (often a family member or trusted individual) called the remainder beneficiary, while retaining their rights as life tenants. This means the homeowners continue to have the right to live in and use the property, as well as sell, mortgage, or lease it without the consent of the remainder beneficiary. There are two main types of Beaumont Texas Enhanced Life Estate Deeds: the husband and wife to an individual with powers, and the husband and wife to an individual without powers. 1. Husband and Wife to Individual with Powers: In this type of deed, the granters (husband and wife) retain several powers over the property during their lifetime. They can amend or revoke the deed, change the remainder beneficiary, and even sell or mortgage the property without the remainder beneficiary's consent. This offers the highest level of control and flexibility for the granters. 2. Husband and Wife to Individual without Powers: With this type of deed, the granters retain fewer powers. While they still have the right to live in and use the property, they cannot amend or revoke the deed, change the remainder beneficiary, or sell or mortgage the property without the consent of the remainder beneficiary. However, they can still lease the property without the beneficiary's consent. Beaumont Texas Enhanced Life Estate Deeds, including the Lady Bird Deed, are particularly useful for estate planning, as they allow homeowners to transfer their property while maintaining control and flexibility. These deeds can also help protect the property from being subject to probate proceedings after the granters' death, potentially saving time and money for their heirs. In summary, Beaumont Texas Enhanced Life Estate Deed or Lady Bird Deed — Husband and Wife to Individual is a valuable legal tool that allows homeowners to transfer their property to an individual while retaining their right to live in and manage the property during their lifetime. The two main variations of this deed are the husband and wife to an individual with powers and the husband and wife to an individual without powers. It is crucial to consult with a qualified attorney to draft and execute this deed properly, considering individual circumstances and goals.
