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.
The Houston Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual is a legal tool that allows married couples in Houston, Texas to transfer their home or real estate property to an individual while retaining the right to live in and use the property until their death. This type of deed gets its name from former First Lady Bird Johnson, as it was originally created and popularized in Texas by her legal team. It offers several benefits and advantages compared to traditional life estate deeds. One key feature of the Houston Texas Enhanced Life Estate or Lady Bird Deed is that it allows the married couple to maintain complete control over the property during their lifetime. They have the right to live in the property, lease or sell it, and make any modifications or changes to the property without seeking permission from the beneficiary. This level of flexibility sets it apart from other types of life estate deeds. Another advantage is that this type of deed allows the property to avoid probate after the death of the couple. Upon the death of the last surviving spouse, the property is automatically transferred to the designated individual beneficiary without the need for probate court involvement. This saves time, money, and eliminates the complexities and delays associated with the probate process. In addition, the Houston Texas Enhanced Life Estate or Lady Bird Deed provides protection against potential Medicaid liens. If either spouse requires long-term care and eventually needs Medicaid assistance, the property transferred through this deed will not be considered as an asset that can be claimed by Medicaid to pay for care expenses. This can be a crucial benefit for couples who want to preserve the property for their heirs and prevent it from being depleted for healthcare costs. It is important to note that there are no different types of Houston Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual. The term refers to this specific type of deed that offers the aforementioned advantages.The Houston Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual is a legal tool that allows married couples in Houston, Texas to transfer their home or real estate property to an individual while retaining the right to live in and use the property until their death. This type of deed gets its name from former First Lady Bird Johnson, as it was originally created and popularized in Texas by her legal team. It offers several benefits and advantages compared to traditional life estate deeds. One key feature of the Houston Texas Enhanced Life Estate or Lady Bird Deed is that it allows the married couple to maintain complete control over the property during their lifetime. They have the right to live in the property, lease or sell it, and make any modifications or changes to the property without seeking permission from the beneficiary. This level of flexibility sets it apart from other types of life estate deeds. Another advantage is that this type of deed allows the property to avoid probate after the death of the couple. Upon the death of the last surviving spouse, the property is automatically transferred to the designated individual beneficiary without the need for probate court involvement. This saves time, money, and eliminates the complexities and delays associated with the probate process. In addition, the Houston Texas Enhanced Life Estate or Lady Bird Deed provides protection against potential Medicaid liens. If either spouse requires long-term care and eventually needs Medicaid assistance, the property transferred through this deed will not be considered as an asset that can be claimed by Medicaid to pay for care expenses. This can be a crucial benefit for couples who want to preserve the property for their heirs and prevent it from being depleted for healthcare costs. It is important to note that there are no different types of Houston Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual. The term refers to this specific type of deed that offers the aforementioned advantages.
