This form is a Lady Bird or Enhanced Life Estate Warranty Deed where the Grantors are two individuals or husband and wife and the Grantees are two individuals or husband and wife. Grantors convey the property to Grantees subject to an enhanced retained life estate. The Grantors retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Rhode Island Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals, or Husband and Wife, to Two Individuals, or Husband and Wife.
State:
Rhode Island
Control #:
RI-04-83
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
The Rhode Island Enhanced Life Estate or Lady Bird Warranty Deed is a legal instrument used to transfer property ownership while allowing the current owners, known as Grantors, to retain specific rights during their lifetime. This form enables the Grantors to maintain control over the property, including the rights to live on, manage, or sell it, while ensuring that the property automatically transfers to designated beneficiaries—known as Remaindermen—upon the death of the Grantors.
How to complete a form
Completing the Rhode Island Enhanced Life Estate or Lady Bird Warranty Deed requires attention to detail. Here are the basic steps:
- Identify the Grantors (the individuals transferring the property) and the Grantees (the individuals receiving it).
- Fill in the addresses of all parties.
- Clearly indicate how the Grantees will hold the property—whether as Tenants in Common or Joint Tenants with Right of Survivorship.
- Specify the legal description of the property in Exhibit A.
- Sign the deed in the presence of a notary public.
Using electronic forms can facilitate this process by providing fillable fields directly on the document.
Who should use this form
This form is appropriate for individuals in Rhode Island looking to transfer property ownership to another party while retaining control over the property during their lifetime. It is especially useful for couples or partners who want to ensure that their property will automatically transfer to their chosen beneficiaries upon their death, thus avoiding probate.
Key components of the form
The Rhode Island Enhanced Life Estate Deed includes several critical components:
- Grantors: The individuals transferring the property.
- Grantees: The individuals receiving the property.
- Property Description: Details on the property being transferred.
- Legal Rights: Specifications on how the Grantees will hold the property.
- Notarization: Required to ensure the deed's validity.
Common mistakes to avoid when using this form
When completing the Rhode Island Enhanced Life Estate or Lady Bird Warranty Deed, individuals should be mindful of the following common mistakes:
- Failing to provide complete and accurate legal descriptions of the property.
- Not correctly identifying the type of ownership (Tenants in Common vs. Joint Tenants with Right of Survivorship).
- Neglecting to have the deed notarized, which is essential for the deed's legal validity.
What to expect during notarization or witnessing
During the notarization process, the Grantors will need to present valid identification to the notary public. The notary will verify the identities of the Grantors and witness their signatures on the deed. It is important to ensure that all parties are present during this process to avoid delays or complications.
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FAQ
While you can draft a Ladybird Deed on your own, it is always best to have something like this done by an experienced attorney. These are documents that need to be done correctly, or it can create additional issues for your loved ones.
Warranties.A ladybird deed may transfer title with warranties in the deed whereby the grantor warrants that he has full ownership of the property at the time of the conveyance. Quitclaim language, however, could also be used in a ladybird deed, with the seller deeding whatever interest he has to pass at his death.
A "Lady Bird deed" (also known as an enhanced life estate deed) is a way to transfer property to someone else outside of probate while retaining a life estate in the property.After a Medicaid recipient dies, the state can make a claim for repayment of benefits from the recipient's estate.
This right to rescind is what distinguishes a Lady Bird Deed from a standard Life Estate Deed.A properly written, signed and filed Enhanced Life Estate Deed does supersede the terms of the owner's Will, so long as the grantor has not exercised the retained right to reclaim ownership while living.
Avoid probate of the property. keep the right to use and profit from the property for your lifetime. keep the right to sell the property at any time. avoid making a gift that might be subject to federal gift tax. avoid jeopardizing your eligibility for Medicaid.
A Lady Bird deed avoids probate, so the home is not part of the probate estate and Medicaid cannot go after it.
It only applies to residential properties and must be promptly recorded after it is notarized. This document is exempt from documentary transfer tax under Rev. & Tax. Code §11930.
Lady bird deeds differ from traditional life estate deeds in that the life tenant continues to have the right to sell or mortgage his / her home without beneficiary consent. In fact, the life tenant is even able to cancel the deed or change the beneficiary.
The Will is overcome by the Deed. Further, under the Deed title to the property passes to the grantee without needing to go through probate. However, if the grantor during life exercises the retained right to reclaim ownership then the Lady Bird deed is canceled.