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2016 - U.S. Legal Forms Inc. TEXAS LADY BIRD DEED ENHANCED LIFE ESTATE DEED Individual to Individual Control Number TX-041-78 I. TIPS ON COMPLETING THE FORMS The form s in this packet may contain form fields created using Microsoft Word or Adobe Acrobat. pdf format. Form fields facilitate completion of the forms using your computer. They do not limit your ability to print the form in blank and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form...

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Does a Lady Bird deed have to be recorded?

The short answer is "Yes." I shall presume that the ladybird deeds you are referring to name your trust as the remainderman upon your death. The danger of not recording the deeds now is that they could get lost.

Does a Lady Bird deed supercede a will?

A properly written, signed and filed Enhanced Life Estate Deed does supersede the terms of the owner's Will, so long as the grantor has not exercised the retained right to reclaim ownership while living. Further, under the Deed title to the property passes to the grantee without needing to go through probate.

What is an enhanced life estate deed?

An enhanced life estate deed is a special type of deed recognized by common law in five states: Florida, Michigan, Texas, Vermont, and West Virginia. Also sometimes called "Lady Bird" deeds, they can be used to transfer ownership of real estate outside of probate to beneficiaries named in the deed.

What does a ladybird deed do?

A lady bird deed (also called a ladybird deed or an enhanced life estate deed) is a special form of life estate deed that gives the owner continued control over the property until his or her death. Once the owner dies, the property is transferred automatically to new owners without the need for probate.

What states allow Ladybird deeds?

Lady Bird deeds are currently only authorized in Florida, Michigan, Texas, Vermont, and West Virginia. Approximately half of the U.S. states have what is called a transfer on death (TOD) or beneficiary deed, which is similar to, and may be preferable to, a Lady Bird deed.

What is the ladybird law?

A "Lady Bird deed" (also known as an enhanced life estate deed) is a way to transfer property to someone else outside of probate while retaining a life estate in the property. In order to qualify for Medicaid, an applicant cannot have transferred property within five years of the application.

How does a life estate deed work?

A life estate deed is a legal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the "remainderman" (in this example, Son).

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