This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Lady Bird Deed Connecticut With Right Of Survivorship
State:
Connecticut
Control #:
CT-01-82
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Connecticut Enhanced Life Estate Or Lady Bird Quitclaim Deed - Individual To Individual?
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FAQ
Tenancy in Common is one of three types of shared ownership. The other two types are Joint Tenancy and Tenancy by Entirety. A TIC has no right of survivorship and when a tenant in common dies, their share of the property passes to their estate, where a beneficiary of the share of property may be named.
In Connecticut, the right of survivorship comes when you own property in joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
Disadvantages of joint tenants with right of survivorship JTWROS accounts involving real estate may require all owners to consent to selling the property. Frozen bank accounts. In some cases, the probate court can freeze bank accounts until the estate is settled.
Survivorship deeds are common estate planning tools?and for good reason. With a survivorship deed, when one co-owner passes away, the property title transfers to the surviving co-owners without the need for probate, which can be a time-consuming and somewhat complicated process.
Joint tenancy with right of survivorship is used when property is held by two or more persons and, upon death, each owner's interest automatically passes to the other co-owners. Tenancy by the entirety is a type of joint tenancy that applies only to husband and wife during the marriage.