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An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. ... Pros and Cons of ...
Lady Bird deeds can help you avoid probate, retain control over property and gain protection from creditors.Nonetheless, you should also note potential drawbacks that could subject your property ...
A ladybird deed is a life estate deed that allows for the transfer of property during someone's lifetime without requiring the original owner to give up control of the property. Once the person ...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
The vast majority of states in the United States employ a system of recording legal instruments (otherwise known as deeds registration) that affect the title of real estate as the exclusive means for publicly documenting land titles and interests.
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