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 an enhanced life estate deed, is a legal document used in real estate planning that allows individuals to transfer property while still retaining certain rights and control over it. This type of deed can be relevant in situations where individuals may want to transfer property to their beneficiaries, but also wish to maintain control and flexibility over the property during their lifetime. A Bird deed statement can enable a property owner to transfer real estate to a chosen beneficiary, while reserving various rights such as the right to live on and use the property, receive income from it, or sell it without the consent of the beneficiary. It essentially allows for the continuation of the property owner's rights and ownership until their death, at which point the property automatically transfers to the named beneficiary without going through probate. There are several types of Bird deed statements that can be utilized based on an individual's specific needs: 1. General Bird Deed: This type of Bird deed statement transfers the property to the beneficiary but does not include any specific rights reserved by the granter. It is a simple transfer of ownership while bypassing probate. 2. Enhanced Life Estate Deed: This version of the Bird deed statement allows the granter to retain certain rights throughout their lifetime, such as the ability to occupy and use the property, collect income from it, and sell it without involving the beneficiary. These rights are known as enhanced life estate rights. 3. Life Estate With Power of Sale: This type of Bird deed statement grants the granter the power to sell the property during their lifetime if they choose to do so. The granter retains the right to occupy the property until their death and can change the beneficiary if desired. 4. Life Estate With Power of Appointment: In this variation of the Bird deed statement, the granter has the authority to name a new beneficiary during their lifetime. They still retain the right to occupy and use the property until death. It is important to consult with an experienced real estate attorney or estate planning professional to fully understand the implications and legalities of these Bird deed statement options. Each type of Bird deed statement offers different levels of control and flexibility, allowing individuals to plan their estate and property transfers effectively while avoiding the probate process and potential complications.
