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 form in Texas, also known as the Texas Ladybird Deed or a Transfer on Death Deed (TODD), is a legal document used for estate planning purposes in real estate transactions. This deed form allows property owners to transfer their property to designated beneficiaries, bypassing the probate process upon their death. The Bird deed statement form in Texas is often utilized by individuals who wish to retain control of their property during their lifetime while designating beneficiaries who will automatically inherit the property upon the owner's death. This can be an effective tool for avoiding the complexities and expenses associated with the probate process. There are two common types of Bird deed statement forms in Texas: 1. Enhanced Life Estate Deed: In this type of Bird deed, the property owner (granter) retains ownership and control of the property during their lifetime, including the ability to sell, mortgage, or lease the property without seeking the beneficiaries' consent. The granter also has the right to change or revoke the designation of beneficiaries. 2. Transfer on Death Deed: This Bird deed allows the property owner to designate one or multiple beneficiaries who will inherit the property automatically upon the owner's death. Unlike the Enhanced Life Estate Deed, the owner maintains complete ownership and control of the property until their death, including the ability to change or revoke the designation of beneficiaries. The Bird deed statement form in Texas is a useful estate planning tool providing flexibility and control to property owners while ensuring a smooth transfer of property to beneficiaries. It is advisable to consult with an attorney knowledgeable in real estate and estate planning matters to ensure compliance with Texas laws and to determine which type of Bird deed best suits individual circumstances.
