This form is a Transfer on Death Deed where the Grantors are two individuals, or husband and wife, and the Grantees are two individuals or husband and wife. This transfer is revocable by Grantors until death and effective only upon the death of the last Grantor. This deed complies with all state statutory laws.
Ladybird Deed Vermont Without Living Trust
State:
Vermont
Control #:
VT-04-82
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Vermont Enhanced Life Estate Deed (a.k.a. Lady Bird Deed) From Two Individuals / Husband And Wife To Two Individuals / Husband And Wife.?
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FAQ
Ladybird deeds allow homeowners to transfer their interest in the property with warranties, whereas the Texas Transfer on Death Deed statute specifically states that the interest in the property transfers without covenant of warranty of title, even if the deed contains a contrary provision.
After the death of the life estate holder, the lady bird deed automatically transfers ownership of the property to the remainder beneficiaries. The remainder beneficiaries should record a copy of the death certificate in the county where the property is located.
Although there are variations of the Lady Bird Deed that exist in other states, Vermont has been just one of six states that recognize an Enhanced Life Estate Deed. (The 5 other states include Texas, Florida, Michigan, North Carolina, and West Virginia.)
These are also known as Enhanced Life Estate Deeds or Revocable Beneficiary Deeds. They have also been referred to as Lady Bird Johnson Deeds because President Johnson was once said to have used this type of deed to convey some land to Lady Bird. In Vermont they are usually called Enhanced Life Estate Deeds.
Understanding Transfer on Death This applies to assets such as bank accounts, brokerage accounts, and securities. However, Vermont law does not currently allow real estate to be transferred via TOD deeds.