What Is The Purpose Of A Lady Bird Deed. The enhanced life estate allows the grantorlife tenant to retain the right to mortgage encumber or otherwise deal with the real property during his or her lifetime which the holder of a typical life estate does not have. It also has the advantage of allowing a homestead to retain its protected status from creditors.
This type of deed gotits nickname when President Lyndon B. Once drafted it is signed then recorded with the local register of deeds. The Lady Bird deed form can be used for homestead as well as other real estate.
A Lady Bird Deed or more accurately called an Enhanced Life-Estate Deed is a type of deed which provides the grantorie.
Nov 20 2018 Elder Law Estate Planning. On behalf of Lins Law Group PA. A person who creates a Lady Bird Deed also known as an Enhanced Life Estate Deed transfers property to himself for his lifetime creating a life estate in the original owner and names one or more people entities trusts or organizations to inherit the property. The enhanced life estate allows the grantorlife tenant to retain the right to mortgage encumber or otherwise deal with the real property during his or her lifetime which the holder of a typical life estate does not have.