This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four individuals. It 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.
A Bird deed statement, also known as a Lady Bird deed or an enhanced life estate deed, is a legal document used in Texas real estate transactions. It is designed to allow property owners to retain control over their property while avoiding probate and preserving Medicaid eligibility. This article will explain the concept of a Bird deed statement, its purpose, benefits, and how it functions in Texas. In Texas, a Bird deed statement is a type of real property transfer that grants the property owner (the granter) the right to retain control and benefit from their property during their lifetime. Unlike traditional property transfer methods, a Bird deed statement enables the granter to transfer the property's remainder interest to a designated beneficiary (the remainder man), while still maintaining the right to use, profit from, and freely dispose of the property during their lifetime. One significant advantage of utilizing a Bird deed statement in Texas is to avoid probate. Probate is the legal process that validates a will and finalizes the distribution of an individual's assets after their death. By using a Bird deed statement, the granter's property does not go through probate, thus saving time, expenses, and complexities that can arise during this process. Another essential feature of the Bird deed statement is its ability to preserve eligibility for Medicaid benefits. Medicaid is a federal and state assistance program that covers healthcare costs for individuals with limited income and assets. Unlike a traditional transfer of property, which can lead to a penalty period in Medicaid eligibility, a Bird deed statement allows the granter to transfer their property without affecting their Medicaid qualifications. There are various types of Bird deed statements available in Texas, each with its specific purpose: 1. Traditional Bird Deed: This is the standard form of a Bird deed statement, where the granter transfers the remainder interest to the beneficiary while retaining a life estate. The granter can use, profit from, and freely dispose of the property during their lifetime. 2. Enhanced Life Estate Deed: This type of Bird deed statement is more comprehensive and provides additional protections and rights for the granter. It allows the granter to sell, mortgage, gift, or even revoke the deed without the beneficiary's consent. The enhanced life estate deed provides more flexibility and control to the granter while still accomplishing the intended goals of avoiding probate and preserving Medicaid eligibility. In conclusion, a Bird deed statement in Texas is a powerful tool for property owners to retain control over their property while avoiding probate and protecting Medicaid eligibility. By utilizing this legal document, granters can transfer the remainder interest to a beneficiary while maintaining a life estate. Different types of Bird deed statements, such as the traditional Bird deed and the enhanced life estate deed, offer varying levels of control and flexibility to the granter. It is essential to consult with an experienced attorney to determine the most suitable type of Bird deed statement based on individual circumstances and goals.
