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.
Title: Understanding Harris Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual Keywords: Harris County, Texas, Enhanced Life Estate Deed, Lady Bird Deed, property transfer, estate planning, probate avoidance, joint ownership, Medicaid planning, right of survivorship. Introduction: In the realm of estate planning, Harris Texas offers two beneficial options for property transfers — the Enhanced Life Estate Deed and the Lady Bird Deed. These deeds provide unique advantages to couples looking to secure their property ownership rights while efficiently planning for the future. In this article, we delve into the intricacies of these deeds, their purposes, and the potential benefits they offer to married individuals in Harris County. 1. Harris Texas Enhanced Life Estate Deed — Husband and Wife to Individual: The Enhanced Life Estate Deed, also known as a "Harris County Enhanced Life Estate Deed," allows a married couple to transfer ownership of their property to an individual, while retaining certain rights during their lifetime. Here's a breakdown of its features: a. Maintenance of Control and Use: The granters (husband and wife) maintain full control, use, and possession of the property during their lifetime, including the right to sell or mortgage the property without the grantee's consent. b. Right of Survivors: Upon the death of the surviving spouse, the property automatically passes to the grantee (individual recipient) without the need for probate. c. Avoidance of Medicaid Recovery: The Enhanced Life Estate Deed safeguards the property from potential Medicaid estate recovery following the granters' passing. 2. Harris Texas Lady Bird Deed — Husband and Wife to Individual: The Lady Bird Deed, named after Lady Bird Johnson, offers similar benefits as the Enhanced Life Estate Deed. However, it introduces additional provisions that make it an appealing option for couples. Let's explore its key characteristics: a. Enhanced Control and Ownership Rights: The granters retain absolute control over the property during their lifetime, including the ability to sell, mortgage, or even revoke the deed without the grantee's consent. b. Avoidance of Probate: Like the Enhanced Life Estate Deed, the Lady Bird Deed allows the property to pass seamlessly to the grantee upon the death of the surviving spouse, bypassing the need for probate. c. Potential Medicaid Planning: The Lady Bird Deed may provide Medicaid planning benefits, as it enables the granters to potentially qualify for Medicaid benefits while preserving the property for their heirs. Conclusion: For married individuals in Harris County, Texas, utilizing the Harris Texas Enhanced Life Estate Deed or Lady Bird Deed can offer peace of mind, flexibility, and probate avoidance in their estate planning endeavors. These deeds provide efficient ways to transfer property ownership to an individual while ensuring the granters retain control and enjoy the benefits of the property throughout their lifetime. Seek professional legal advice to determine the most suitable option based on individual circumstances.Title: Understanding Harris Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual Keywords: Harris County, Texas, Enhanced Life Estate Deed, Lady Bird Deed, property transfer, estate planning, probate avoidance, joint ownership, Medicaid planning, right of survivorship. Introduction: In the realm of estate planning, Harris Texas offers two beneficial options for property transfers — the Enhanced Life Estate Deed and the Lady Bird Deed. These deeds provide unique advantages to couples looking to secure their property ownership rights while efficiently planning for the future. In this article, we delve into the intricacies of these deeds, their purposes, and the potential benefits they offer to married individuals in Harris County. 1. Harris Texas Enhanced Life Estate Deed — Husband and Wife to Individual: The Enhanced Life Estate Deed, also known as a "Harris County Enhanced Life Estate Deed," allows a married couple to transfer ownership of their property to an individual, while retaining certain rights during their lifetime. Here's a breakdown of its features: a. Maintenance of Control and Use: The granters (husband and wife) maintain full control, use, and possession of the property during their lifetime, including the right to sell or mortgage the property without the grantee's consent. b. Right of Survivors: Upon the death of the surviving spouse, the property automatically passes to the grantee (individual recipient) without the need for probate. c. Avoidance of Medicaid Recovery: The Enhanced Life Estate Deed safeguards the property from potential Medicaid estate recovery following the granters' passing. 2. Harris Texas Lady Bird Deed — Husband and Wife to Individual: The Lady Bird Deed, named after Lady Bird Johnson, offers similar benefits as the Enhanced Life Estate Deed. However, it introduces additional provisions that make it an appealing option for couples. Let's explore its key characteristics: a. Enhanced Control and Ownership Rights: The granters retain absolute control over the property during their lifetime, including the ability to sell, mortgage, or even revoke the deed without the grantee's consent. b. Avoidance of Probate: Like the Enhanced Life Estate Deed, the Lady Bird Deed allows the property to pass seamlessly to the grantee upon the death of the surviving spouse, bypassing the need for probate. c. Potential Medicaid Planning: The Lady Bird Deed may provide Medicaid planning benefits, as it enables the granters to potentially qualify for Medicaid benefits while preserving the property for their heirs. Conclusion: For married individuals in Harris County, Texas, utilizing the Harris Texas Enhanced Life Estate Deed or Lady Bird Deed can offer peace of mind, flexibility, and probate avoidance in their estate planning endeavors. These deeds provide efficient ways to transfer property ownership to an individual while ensuring the granters retain control and enjoy the benefits of the property throughout their lifetime. Seek professional legal advice to determine the most suitable option based on individual circumstances.
