The Texas Lady Bird Deed is a unique estate planning tool that allows property owners to transfer their real estate to beneficiaries while retaining the right to use and control the property during their lifetime. This type of deed provides a way to avoid probate and ensures a smooth transition of property ownership after death. Understanding its features and benefits can help individuals make informed decisions about their estate planning needs.
The Texas Lady Bird Deed is a unique estate planning tool that allows property owners to transfer their real estate to beneficiaries while retaining certain rights during their lifetime. This form stands out because it enables the original owner, often referred to as the grantor, to maintain control over the property, including the ability to sell, lease, or mortgage it without the consent of the beneficiaries. Upon the grantor's death, the property automatically transfers to the designated beneficiaries, bypassing the lengthy and often costly probate process. This deed not only simplifies the transfer of property but also provides a level of protection against creditors. Additionally, it can help avoid issues related to Medicaid eligibility, making it an attractive option for many Texans. Understanding the nuances of the Lady Bird Deed is essential for anyone considering estate planning in Texas, as it offers a blend of flexibility and security that traditional deeds may not provide.
Texas Lady Bird Deed
This document is a Texas Lady Bird Deed, a special type of deed used in the State of Texas. This deed allows the property owner, referred to as the "Grantor," to retain control over their property during their lifetime, including the right to use, sell, or mortgage the property, and upon their death, the property automatically transfers to the designated recipient(s), referred to as the "Grantee(s)," without the need for probate.
Property Information
Legal Description of Property: ___________________________________________________________
Property Address: ___________________________________________________________
Grantor Information
Full Name of Grantor: ___________________________________________________________
Address of Grantor: ___________________________________________________________
Grantee Information
Full Name of Grantee(s): ___________________________________________________________
Address of Grantee(s): ___________________________________________________________
Reservation of Life Estate
The Grantor reserves a life estate for himself/herself with the unrestricted right to sell, convey, mortgage, lease, or deal with the property in any manner, without the consent of the Grantee(s). Upon the death of the Grantor, the Grantor's interest in the property shall automatically transfer to the Grantee(s) without the necessity of probate.
Transfer Upon Death
Upon the death of the Grantor, the described property shall pass to the Grantee(s) as described in this deed.
Signatures
Grantor's Signature: _____________________________________ Date: ____________
Grantee's Signature (if required): _____________________________________ Date: ____________
State of Texas
County of ______________________
On this day, personally appeared before me, the undersigned notary public, the above-named Grantor, and acknowledged that he/she executed the foregoing instrument for the purposes therein contained.
Witness my hand and official seal on the date mentioned above.
_____________________________________ Notary Public, State of Texas My Commission Expires: _______________
Preparation Statement
This document was prepared by:
_____________________________________ (Name of person preparing the document)
_____________________________________ (Address of person preparing the document)
This document is intended to be used only in the State of Texas and may not meet the legal requirements of other states.
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