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Free Lady Bird
Deed Form
Are you looking for a lady bird deed template? Then grab your free form
here plus soak up the must-know facts before inking it.
Before Using Our Free LadyBird
Deed Form, You Should Know These Facts
So where did this deed get its curiously-cute
name
from? According to popular folklore, U.S. President Lyndon Johnson once
made use of this deed to transfer some property to his wife Claudia
"Lady Bird" Johnson. No one can confirm this for sure, but nevertheless
the colorful name stuck. It's helpful to know that this deed is also
known as an enhanced life
estate deed.
In plain English, a ladybird deed allows you (the grantor) to 1.
leave behind your property to your beneficiaries while avoiding probate
2. stay in the property as long as you are alive 3. sell,
mortgage or give the property to someone else without your
beneficiaries' permission. Point 3 is what makes this deed different
(and safer for the grantor) vs. a regular Life Estate Deed.
Now to answer the question that matters most: What are the benefits
of lady bird deeds? 1. Avoid probate (quick and painless property
transfer after death) 2. Property is inherited at a stepped-up
basis (no capital gains tax) 3. Property is protected from the
grubby hands of your beneficiaries' creditors (no liens, no claims, no
worries).
If you live in California CA, Florida FL, Texas TX, Michigan MI, Ohio OH or
Kansas KS,
then you are in luck - These states embrace ladybird deeds with open
arms. If you live elsewhere, then it's time for you to meet a
beneficiary deed (which performs almost the same magic). To learn more,
Click here for our free
Beneficiary Deed Form.
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While we work hard to make sure that our free enhanced life estate deed
form is
helpful and updated, you must edit it according to your own needs and
local real estate law. Always seek legal help when in doubt.
Lady Bird Deed
This Deed is made on this day of _______________, 20__, between the
Grantor ___________
___________________ of address
__________________________________________________ and the Grantee
Beneficiary ______________________________ of address _______________
___________________________________.
For good and valuable consideration paid by
the Grantee Beneficiary, the receipt of which is hereby acknowledged,
the Grantor does transfer and convey the following described property
to the Grantee Beneficiary effective on the Grantor's death:
Property Address:
______________________________________________________________
Legal Description:
______________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
The Grantor reserves a life estate for himself/herself during the
Grantor's lifetime coupled with an unrestricted power to convey during
the Grantor's lifetime, which includes the power to sell, gift,
mortgage, lease and otherwise dispose of the property, and to retain
the proceeds from the conveyance.
EXECUTED this day of _______________, 20__.
Grantor Name: _________________________
Grantor Signature: ______________________
STATE OF _________________________
COUNTY OF _________________________
On this day, personally appeared before me, _________________________,
to me known to be the person(s) described in and who executed the
within
instrument, and acknowledged that he/she signed the same as his/her
voluntary act and deed, for the uses and purposes therein mentioned.
Witness my hand and official seal hereto affixed on this day
of _______________, 20__.
Notary's Public Signature: ______________________
My commission expires _______________.
Return from Lady Bird Deed to
Property
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