The JW Law Firm can assist with the drafting of deeds for the transfer of real property. Not all deeds achieve the same goal and it is important to ensure that you include the correct language on the face of the deed in order to protect against future liability. Furthermore, a well drafted deed can work as a powerful tool to help accomplish your long-term real estate and estate planning goals. For example, an enhanced life estate deed allows for the avoidance of the probate process by naming remainder beneficiaries on the face of the deed document. As such, title to the real property will only be transferred upon your death, allowing you to do whatever you wish with the property during your lifetime. In short, a small cost now can save your loved ones the inconvenience, time, and cost of probate in the future. Please see below for more information about the advantages of an advanced life estate deed.
What are the different types of deeds?
Deeds can be divided into three standard classifications depending on the warranties included. The three types of deeds are: general warranty deeds, special warranty deeds, and quitclaim deeds. A warranty deed contains all or most of the following covenants: 1) Covenant of seisin 2) Covenant of right to convey 3) Covenant against encumbrances 4) Covenant of quiet enjoyment 5) Covenant of warranty 6) Covenant of further assurances.
- General warranty deeds warrant the title to the property against defects arising before as well as during the time the grantor had title.
- Special warranty deeds warrant the title against defects arising during the grantor’s tenure, and not defects arising prior to that time. As such, the grantor only guarantees that he/she has done nothing to make the title defective.
- A quitclaim deed warrants nothing, with the grantor simply transferring whatever interest he/she has, if any. Quitclaim deeds are often used to clear apparent defects in title. It is important to prepare the quitclaim deed properly so as to avoid any unintended legal consequences.
Can I avoid the probate process by executing a deed?
Yes, by executing an enhanced life estate deed (also known as a lady bird deed), you are able to avoid probate. Here’s how it works. You execute a lady bird deed that will transfer the real property to a specific person or group of people (called the remainder beneficiaries) at the time of your death. By so doing, you retain the ability to do what you want with the property as title is held solely in your name until the time of your death. You are even able to sell the property if you wish. In order to facilitate the actual transfer of the property after your death, the remainder beneficiaries will simply file your death certificate in the land records. Therefore, by taking on the minor cost of executing a lady bird deed now, you can save your loved ones the inconvenience, time, and cost of probate in the future.
How much does it cost?
The team at the JW Law Firm will draft and facilitate the execution of your deed for a flat fee of only $350.
The JW Law Firm does reserve the right to quote a higher amount if the circumstances surrounding your legal matter are more complex.