Lady Bird Deed Texas Cost. A Lady Bird Deed is a nickname given to an Enhanced Life Estate Deed which is used to convey property to your heirs outside of probate. Creating a lady bird deed is very inexpensive.
Both parents would still need to be competent to sign the new deed. This includes drafting the deed and filing it with the local register of deeds. Lady Bird deeds are currently only authorized in Florida Michigan Texas Vermont and West Virginia.
The other states that recognize lady bird deeds are Florida Michigan Vermont and West VirginiaIn each state the technical name for a lady bird deed is enhanced life estate deedThe life estate is enhanced in the sense that it provides the property owner with more retained control than a traditional life estate deed.
The Lady Bird deed is thought to be named for Lady Bird Johnson whose husband President Lyndon B. This deed is commonly used in Texas because it allows the grantor to transfer property to beneficiaries while retaining a life estate in the property coupled with the power to sell convey or mortgage. Creating a lady bird deed is very inexpensive. Johnson conveyed some land to his wife using this type of deed although there is no.