Posted on: 08th Feb, 2008 10:52 pm
My sisters attorney wants my widowed father to set up a Lady Bird deed on is home but to give my brother a lifetime estate in the home for the duration of my brothers life...If my father lives with me, rather than in his home is this legal...They say that upon my fathers death the home would go to his estate...And who would pay for maintenance, taxes, etc during the time my brother lives there. The home is in Texas.
I don't think it is illegal. As per the life estate, your brother should be staying in the property. Your father would remain the owner.
What I think is, your father wants to use a ladybird deed such that property would go to your brother after your father's death. And till death, your father would remain it's owner and would have the right to sell the property if required.
A life estate and ladybird deed are 2 different things. Ladybird deed itself is known as enhanced life estate deed. Please refer to http://www.mortgagefit.com/know-how/ladybirddeed.html to know how a life estate and ladybird deed differ.
A life estate and ladybird deed are 2 different things. Ladybird deed itself is known as enhanced life estate deed. Please refer to http://www.mortgagefit.com/know-how/ladybirddeed.html to know how a life estate and ladybird deed differ.