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.
Title: Understanding Bird Deed Statements with Joint Ownership: Exploring Types and Features Introduction: Bird deed statements with joint ownership are legal documents used in real estate to transfer property ownership while preserving certain rights for the original owner(s). This comprehensive guide will delve into the concept of bird deeds, elucidating their purpose, benefits, and various types. Let's explore what bird deed statements with joint ownership are and the different forms they can take. 1. What is a Bird Deed Statement with Join? A bird deed statement with join, also known as an enhanced life estate deed or a Lady Bird Deed, is a legal instrument that allows property owners to transfer their real estate while retaining their rights to the property during their lifetime. This type of deed establishes joint ownership between the granter (original owner) and the grantee (usually a family member or trusted individual). 2. Purpose and Benefits of Bird Deed Statements with Join: — Avoiding probate: By designating joint ownership in a bird deed, the property can pass directly to the grantee upon the granter's death without going through probate court. — Retaining control: Unlike traditional transfer-on-death deeds, bird deeds allow the granter to maintain full control over the property during their lifetime, including the ability to sell, mortgage, or change beneficiaries. — Medicaid planning: Bird deeds are often used as a Medicaid planning tool, as retaining a life estate allows the granter to potentially qualify for Medicaid benefits while preserving the property for their heirs. 3. Types of Bird Deed Statements with Join: a) Traditional Bird Deed: This is the standard type of bird deed, where the granter retains a life estate in the property, allowing them to live on, use, and control the property until their death. Upon the granter's passing, the property transfers solely to the grantee, outside of probate. b) Enhanced Bird Deed: This version of the bird deed allows the granter to change beneficiaries during their lifetime, offering flexibility and control in estate planning. c) Lady Bird Deed: Also known as an enhanced life estate deed, this variation of the bird deed permits the granter to retain control until death, while also granting the right to sell or mortgage the property without the grantee's permission, ensuring greater flexibility. 4. Drafting and Execution of Bird Deed Statements with Join: To create a valid bird deed statement with join, it is essential to consult with an experienced attorney who specializes in estate planning and real estate law. They will guide you through the process of drafting the necessary legal documents and ensure compliance with state-specific requirements for execution. Conclusion: Bird deed statements with joint ownership, including traditional bird deeds, enhanced bird deeds, and lady bird deeds, provide property owners with a means to transfer their property while still maintaining control and preserving their rights. These types of deeds offer various benefits, such as avoiding probate, Medicaid planning, and flexibility in estate planning. Consulting a professional attorney is crucial to establish a bird deed that fully aligns with your specific needs and adheres to the legalities governing your jurisdiction.
