This form is a Warranty Deed where the grantor is an individual and the grantee is an individual. The property is subject to a retained life estate held by the grantor.
Houston Texas Warranty Deed for Individual to Individual - Subject to Retained Life Estate
Category:
State:
Texas
City:
Houston
Control #:
TX-SDEED-8-4
Format:
Word;
Rich Text
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Description
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FAQ
After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.
The individual holding the life estate ? the life tenant retains the legal right to possess and use the property during their lifetime. Upon the death of the life tenant, the property passes to the person or person who hold the remainder interest ? without the need for probate.
A life estate is property such as land or a residence that a person owns and can use for as long as they are alive. They often share ownership of that property with another person or persons, which means that when the owner dies the title of that property is automatically transferred to the other owner or owners.
In Texas, state and local court rules govern the various time periods that the executor must follow in probating a will. The general rule in Texas is that the executor has four years from the date of death of the testator (person who drafted the will) to file for probate.
Upon your death, all that is required for full title to be transferred to your beneficiaries is the filing of an affidavit in the county property records reflecting the date of your death, referring to the recording information for the Lady Bird Deed, and reciting that there are no outstanding debts of the estate, or
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
It does not transfer title to real property. However, Texas Estates Code 203.001 says it becomes evidence about the property once it has been on file for five years. The legal effect of the affidavit of heirship is that it creates a clean chain of title transfer to the decedent's heirs.
Your Rights of Ownership Retained During Your Life The Lady Bird Deed, if drafted properly, allows you as the owner of the ?life estate? in the property to mortgage, lease, sell, change your beneficiaries, or even revoke the deed, without the consent of the remaindermen.