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Enhanced Life Estate Deed

Definition of 'Enhanced Life Estate Deed'

Also known as the "Lady Bird Deed", the enhanced life estate deed is a legal document used to pass on property to designated heirs upon death, much like the life estate deed, with the specification that the owner reserves the right to sell the property without needing the consent of the beneficiaries.

What is an Enhanced Life Estate Deed:

The first enhanced life estate deed to be used was also the one that gave the deed its nickname: president Johnson transferred some property to his wife, Lady Bird, using this type of deed. The main difference between this type of life estate deed and the traditional life estate deed is that the former brings added benefits and a greater flexibility to the grantor.

The enhanced life estate deed applies only in some US states, like California, Florida, Virginia, and some others.

References:
http://www.getareferral.com/Lady_Bird_Deed.cfm

Disclaimer:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.