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.
In Wichita Falls, Texas, an Enhanced Life Estate or Lady Bird Deed is a legal tool used by married couples to transfer property to an individual while still retaining certain rights and control over the property during their lifetime. This deed allows the property to bypass the probate process upon their death, avoiding the need for an expensive and time-consuming legal process. The Enhanced Life Estate Deed, commonly referred to as the Lady Bird Deed, is named after former First Lady Bird Johnson, who utilized this type of deed to convey property in her will. It is specifically tailored to Texas laws and offers unique advantages for married couples. With the Wichita Falls Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual, the couple (granters) can transfer their property to an individual (grantee), typically a family member, while retaining the right to live on the property, receive any income generated by the property, and make changes to the property without the grantee's consent. By utilizing this deed, the granters maintain control and possession of the property during their lifetime, including the ability to sell, lease, or mortgage the property without the grantee's involvement. It also provides protection against possible Medicaid recovery after the granter's death if they received long-term care benefits. There are different variations of the Wichita Falls Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual, including: 1. Wichita Falls Texas Enhanced Life Estate Deed — One-Minus-One: This type of deed allows one spouse to transfer their interest in the property to the other spouse, while retaining a life estate for themselves. Upon the death of the granter spouse, the property passes directly to the individual designated as the grantee. 2. Wichita Falls Texas Enhanced Life Estate Deed — Remainder Interest: In this variation, both spouses transfer their ownership interest to the designated grantee, while retaining a life estate for themselves. The grantee receives the remainder interest upon the death of the last surviving granter. 3. Wichita Falls Texas Enhanced Life Estate Deed — Concurrent Life Estates: With this option, both spouses hold a concurrent life estate, meaning they both have an equal right to possess and use the property during their lifetimes. Upon the death of one spouse, their share passes to the designated grantee. Each variation of the Wichita Falls Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual serves different purposes and may better suit the specific circumstances of the granters. It is important to consult with an experienced real estate attorney to determine the most suitable option and ensure compliance with state laws and regulations.In Wichita Falls, Texas, an Enhanced Life Estate or Lady Bird Deed is a legal tool used by married couples to transfer property to an individual while still retaining certain rights and control over the property during their lifetime. This deed allows the property to bypass the probate process upon their death, avoiding the need for an expensive and time-consuming legal process. The Enhanced Life Estate Deed, commonly referred to as the Lady Bird Deed, is named after former First Lady Bird Johnson, who utilized this type of deed to convey property in her will. It is specifically tailored to Texas laws and offers unique advantages for married couples. With the Wichita Falls Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual, the couple (granters) can transfer their property to an individual (grantee), typically a family member, while retaining the right to live on the property, receive any income generated by the property, and make changes to the property without the grantee's consent. By utilizing this deed, the granters maintain control and possession of the property during their lifetime, including the ability to sell, lease, or mortgage the property without the grantee's involvement. It also provides protection against possible Medicaid recovery after the granter's death if they received long-term care benefits. There are different variations of the Wichita Falls Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual, including: 1. Wichita Falls Texas Enhanced Life Estate Deed — One-Minus-One: This type of deed allows one spouse to transfer their interest in the property to the other spouse, while retaining a life estate for themselves. Upon the death of the granter spouse, the property passes directly to the individual designated as the grantee. 2. Wichita Falls Texas Enhanced Life Estate Deed — Remainder Interest: In this variation, both spouses transfer their ownership interest to the designated grantee, while retaining a life estate for themselves. The grantee receives the remainder interest upon the death of the last surviving granter. 3. Wichita Falls Texas Enhanced Life Estate Deed — Concurrent Life Estates: With this option, both spouses hold a concurrent life estate, meaning they both have an equal right to possess and use the property during their lifetimes. Upon the death of one spouse, their share passes to the designated grantee. Each variation of the Wichita Falls Texas Enhanced Life Estate or Lady Bird Deed — Husband and Wife to Individual serves different purposes and may better suit the specific circumstances of the granters. It is important to consult with an experienced real estate attorney to determine the most suitable option and ensure compliance with state laws and regulations.
