This form is a Warranty Deed where the grantor is an individual and the grantee is an individual. The property is subject to a retained life estate held by the grantor.
Austin Texas Warranty Deed for Individual to Individual - Subject to Retained Life Estate
Category:
State:
Texas
City:
Austin
Control #:
TX-SDEED-8-4
Format:
Word;
Rich Text
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How to fill out Texas Warranty Deed For Individual To Individual - Subject To Retained Life Estate?
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FAQ
It does not transfer title to real property. However, Texas Estates Code 203.001 says it becomes evidence about the property once it has been on file for five years. The legal effect of the affidavit of heirship is that it creates a clean chain of title transfer to the decedent's heirs.
Upon your death, all that is required for full title to be transferred to your beneficiaries is the filing of an affidavit in the county property records reflecting the date of your death, referring to the recording information for the Lady Bird Deed, and reciting that there are no outstanding debts of the estate, or
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
A Lady Bird deed is a special kind of deed that is commonly recognized by Texas law. Also called an enhanced life estate deed, it can be used to transfer property to beneficiaries outside of probate. It gives the current owner continued control over the property until his or her death.
After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.
A life estate is property such as land or a residence that a person owns and can use for as long as they are alive. They often share ownership of that property with another person or persons, which means that when the owner dies the title of that property is automatically transferred to the other owner or owners.
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
Life tenants are also entitled to exclusive right to income or royalties produced by the property, and can sell or lease the property for the duration of the measuring life.
In Texas, state and local court rules govern the various time periods that the executor must follow in probating a will. The general rule in Texas is that the executor has four years from the date of death of the testator (person who drafted the will) to file for probate.