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 with beneficiaries is a legal document that allows property owners to transfer their real estate while still retaining certain rights and control over the property during their lifetime. This type of deed is often used as an estate planning tool to avoid probate and ensure a smooth transition of property ownership. A Bird deed gets its name from the idea that it is like a bird that "flies away" upon the property owner's death, transferring the property to the named beneficiaries without the need for probate. With a Bird deed, the property owner remains the legal owner of the property and retains the ability to sell, mortgage, or alter the property as they see fit. The main purpose of a Bird deed statement with beneficiaries is to enable the property owner to protect their property from being subject to Medicaid estate recovery. Unlike other types of deeds, a Bird deed prevents the property from being counted as an asset for Medicaid eligibility purposes, and therefore safeguards it from potential recovery by Medicaid after the owner's death. There are a few different types of Bird deed statements that beneficiaries can use depending on their specific needs and circumstances. These include: 1. Enhanced Life Estate Deed: This type of Bird deed allows the property owner to retain the right to live in and control the property during their lifetime. After their death, the property automatically transfers to the named beneficiaries without the need for probate. 2. Lady Bird Deed: The Lady Bird deed is a variation of the enhanced life estate deed. It allows the property owner to transfer the property to beneficiaries while retaining the right to sell, mortgage, or change the beneficiaries at any time without their consent. 3. Transfer on Death (TOD) Deed: This type of Bird deed allows the property owner to name one or more beneficiaries who will automatically receive the property upon their death. The property owner retains full control over the property during their lifetime and can revoke or change the beneficiary designation as needed. In conclusion, a Bird deed statement with beneficiaries is a valuable legal instrument in estate planning that allows property owners to transfer real estate to beneficiaries while maintaining control and avoiding probate. The various types of Bird deeds, such as enhanced life estate deed, Lady Bird deed, and transfer on death deed, provide flexibility and choice to individuals looking to protect their property and ensure a seamless transition of ownership to their loved ones.
