This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are three individuals. This form is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor 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.
The Austin Texas Enhanced Life Estate or Lady Bird Quitclaim Deed is a legal instrument that allows an individual to transfer ownership of property to three other individuals, while retaining a life estate for themselves. This type of deed provides flexibility and control over the property during the individual's lifetime, while ensuring a smooth transfer of ownership upon their death. The deed is commonly referred to as the "Lady Bird" deed, named after former First Lady, Lady Bird Johnson. The Lady Bird deed allows the owner (granter) to maintain full control of the property during their lifetime, including the ability to sell, mortgage, or lease the property without the consent of the remainder beneficiaries. Additionally, the granter has the right to revoke or modify the deed at any time. There are two main types of Austin Texas Enhanced Life Estate or Lady Bird Quitclaim Deed from an Individual to three Individuals: 1. Traditional Lady Bird Deed: In this type, the individual (granter) transfers the property to three individuals (remainder beneficiaries) while retaining a life estate. The granter has the right to use, occupy, and enjoy the property during their lifetime. Upon the granter's death, the property passes directly to the remainder beneficiaries, bypassing probate proceedings. 2. Enhanced Life Estate Deed: This type of deed shares similarities with the Traditional Lady Bird Deed but with added features and benefits. The granter has more control over the property during their lifetime, including the ability to sell or mortgage the property. This deed also protects the granter's homestead exemption and may potentially avoid probate. Both types of deeds provide several advantages. They allow the granter to avoid probate, minimize estate taxes, and protect the property from being subject to Medicaid estate recovery. Moreover, the transfer of property upon the granter's death occurs smoothly and seamlessly outside of probate. It is important to note that the Austin Texas Enhanced Life Estate or Lady Bird Quitclaim Deed should be prepared and executed with the assistance of a qualified attorney familiar with Texas real estate laws and regulations. Each individual's circumstances and requirements may differ, so it is crucial to consult with legal professionals to determine the most suitable type of deed for your specific needs.
