This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are three individuals. The 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.
Round Rock, Texas is a vibrant city located in Williamson County, known for its enhanced life estate and Lady Bird warranty deeds. These types of deeds are common when an individual wishes to transfer property to three individuals, ensuring specific rights and protections. Let's explore the details and implications of these deeds. 1. Enhanced Life Estate Deed in Round Rock, Texas: The enhanced life estate deed, also referred to as a "Lady Bird deed," is a popular option in Texas estate planning. This deed provides the granter (the individual transferring the property) with enhanced control and flexibility while allowing for the seamless transfer of ownership upon their passing. Key features of this type of deed include: a. Retained Control: The granter retains control over the property during their lifetime, including the ability to sell, mortgage, or modify it without the consent of the estate beneficiaries. b. Avoidance of Probate: Upon the granter's death, the property ownership is automatically transferred to the three named individuals without the need for probate. This can save time, expense, and maintain privacy. c. Rights to Income and Profits: The granter retains the right to enjoy the income generated by the property and can also claim any profits from its sale during their lifetime. 2. Lady Bird Warranty Deed in Round Rock, Texas: The Lady Bird warranty deed is a specific variation of the enhanced life estate deed that takes its name from the former First Lady of the United States, Lady Bird Johnson. It offers additional protections to the granter. Key elements of this deed include: a. Expanded Powers: The granter not only possesses the same rights as those provided in an enhanced life estate deed but also retains the ability to revoke or modify the interests granted to the three individuals during their lifetime. b. Defect-Free Warranty: This type of deed guarantees that the granter has clear title to the property, ensuring that it is free from all encumbrances, judgments, and liens, with the granter assuming responsibility for any such claims. c. Medicaid Benefits: One significant benefit of the Lady Bird warranty deed is the potential preservation of eligibility for Medicaid benefits. Due to the retained control and flexibility, it can assist individuals in qualifying for Medicaid assistance, should it be required in the future. When considering property transfers in Round Rock, Texas, these enhanced life estate and Lady Bird warranty deeds offer individuals vital tools to manage their estates and provide for their chosen beneficiaries. It is always recommended consulting with an experienced attorney to ensure compatibility with specific circumstances, legal compliance, and optimal estate planning goals.Round Rock, Texas is a vibrant city located in Williamson County, known for its enhanced life estate and Lady Bird warranty deeds. These types of deeds are common when an individual wishes to transfer property to three individuals, ensuring specific rights and protections. Let's explore the details and implications of these deeds. 1. Enhanced Life Estate Deed in Round Rock, Texas: The enhanced life estate deed, also referred to as a "Lady Bird deed," is a popular option in Texas estate planning. This deed provides the granter (the individual transferring the property) with enhanced control and flexibility while allowing for the seamless transfer of ownership upon their passing. Key features of this type of deed include: a. Retained Control: The granter retains control over the property during their lifetime, including the ability to sell, mortgage, or modify it without the consent of the estate beneficiaries. b. Avoidance of Probate: Upon the granter's death, the property ownership is automatically transferred to the three named individuals without the need for probate. This can save time, expense, and maintain privacy. c. Rights to Income and Profits: The granter retains the right to enjoy the income generated by the property and can also claim any profits from its sale during their lifetime. 2. Lady Bird Warranty Deed in Round Rock, Texas: The Lady Bird warranty deed is a specific variation of the enhanced life estate deed that takes its name from the former First Lady of the United States, Lady Bird Johnson. It offers additional protections to the granter. Key elements of this deed include: a. Expanded Powers: The granter not only possesses the same rights as those provided in an enhanced life estate deed but also retains the ability to revoke or modify the interests granted to the three individuals during their lifetime. b. Defect-Free Warranty: This type of deed guarantees that the granter has clear title to the property, ensuring that it is free from all encumbrances, judgments, and liens, with the granter assuming responsibility for any such claims. c. Medicaid Benefits: One significant benefit of the Lady Bird warranty deed is the potential preservation of eligibility for Medicaid benefits. Due to the retained control and flexibility, it can assist individuals in qualifying for Medicaid assistance, should it be required in the future. When considering property transfers in Round Rock, Texas, these enhanced life estate and Lady Bird warranty deeds offer individuals vital tools to manage their estates and provide for their chosen beneficiaries. It is always recommended consulting with an experienced attorney to ensure compatibility with specific circumstances, legal compliance, and optimal estate planning goals.
