This form is a Warranty Deed with retained Enhanced Life Estates, also known as a "Lady Bird Deed", where the Grantors are two individuals or husband and wife and the Grantees are two individuals or husband and wife. Grantors convey the property to Grantees subject to an enhanced retained life estate. The Grantors retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Lewisville Texas Enhanced Life Estate or Lady Bird Warranty Deed is a type of property transfer that provides certain benefits and protections to the granters (two individuals or a husband and wife) and the grantees (two individuals or a husband and wife). This deed is commonly used in Texas to transfer property while allowing the granters to retain a life estate in the property. The concept of an enhanced life estate deed, also known as a Lady Bird Deed, was named after former First Lady, Lady Bird Johnson. It is a popular option for couples who wish to transfer their property while maintaining control and certain rights during their lifetime. There are two main types of Lewisville Texas Enhanced Life Estate or Lady Bird Warranty Deeds: 1. Traditional Lady Bird Warranty Deed: This type of deed allows the granters to retain complete control over the property during their lifetime. They can live in or use the property, sell or mortgage it without obtaining permission from the grantees. Additionally, the granters have the power to revoke the deed or change the beneficiaries at any time. Upon the death of the granters, the property passes directly to the grantees without going through probate. 2. Life Estate with Powers Deed: This type of deed goes a step further by granting the granters additional powers and control over the property. Along with the rights provided in a traditional Lady Bird deed, the granters are given the authority to lease, develop, or convey the property without obtaining consent from the grantees. This added flexibility allows the granters to benefit from the property during their lifetime while still providing for its future ownership by the grantees. Both types of deeds provide several benefits such as avoiding probate, preventing the property from being subject to Medicaid recovery, and allowing for seamless property transfer after the death of the granters. The Lewisville Texas Enhanced Life Estate or Lady Bird Warranty Deed allows couples to maintain control and use of their property without compromising the rights of the future owners. If you are considering transferring property while retaining certain rights and protections, consult with a knowledgeable real estate attorney in Lewisville, Texas to determine the best type of enhanced life estate deed for your specific circumstances.Lewisville Texas Enhanced Life Estate or Lady Bird Warranty Deed is a type of property transfer that provides certain benefits and protections to the granters (two individuals or a husband and wife) and the grantees (two individuals or a husband and wife). This deed is commonly used in Texas to transfer property while allowing the granters to retain a life estate in the property. The concept of an enhanced life estate deed, also known as a Lady Bird Deed, was named after former First Lady, Lady Bird Johnson. It is a popular option for couples who wish to transfer their property while maintaining control and certain rights during their lifetime. There are two main types of Lewisville Texas Enhanced Life Estate or Lady Bird Warranty Deeds: 1. Traditional Lady Bird Warranty Deed: This type of deed allows the granters to retain complete control over the property during their lifetime. They can live in or use the property, sell or mortgage it without obtaining permission from the grantees. Additionally, the granters have the power to revoke the deed or change the beneficiaries at any time. Upon the death of the granters, the property passes directly to the grantees without going through probate. 2. Life Estate with Powers Deed: This type of deed goes a step further by granting the granters additional powers and control over the property. Along with the rights provided in a traditional Lady Bird deed, the granters are given the authority to lease, develop, or convey the property without obtaining consent from the grantees. This added flexibility allows the granters to benefit from the property during their lifetime while still providing for its future ownership by the grantees. Both types of deeds provide several benefits such as avoiding probate, preventing the property from being subject to Medicaid recovery, and allowing for seamless property transfer after the death of the granters. The Lewisville Texas Enhanced Life Estate or Lady Bird Warranty Deed allows couples to maintain control and use of their property without compromising the rights of the future owners. If you are considering transferring property while retaining certain rights and protections, consult with a knowledgeable real estate attorney in Lewisville, Texas to determine the best type of enhanced life estate deed for your specific circumstances.
