Quit Claim Deed vs Enhanced Life Estate | J.P. Augustin Law Firm

Quit Claim Deed

Enhanced Life Estate (Lady Bird Deed)

Enhanced Life Estate (Lady Bird Deed)

Transfers title from the owner(s) to owner(s) and beneficiary/beneficiaries at time of signing.

Creates joint ownership in the property with the owner and the intended beneficiary/beneficiaries. That means the beneficiary or beneficiaries are now owners of the property as well.

Prevents the owner(s) from selling the property or using the property as collateral unless the joint owner(s) agrees and sign documents.

Creates problems in a divorce because the beneficiaries’ interest can be considered in a divorce since the beneficiary or beneficiaries are listed as owner(s) on the deed.

Can not be cancelled/revoked unless the beneficiary/beneficiaries agree and sign new deed.

Enhanced Life Estate (Lady Bird Deed)

Enhanced Life Estate (Lady Bird Deed)

Enhanced Life Estate (Lady Bird Deed)

Transfers title from owner(s) to beneficiary/beneficiaries upon death.

Does not create joint ownership during the lifetime of the owner(s). The owner(s) of property keep ownership during their lifetime.

Owner(s) can sell or use property as collateral without permission from any of the beneficiaries/beneficiaries who inherit upon death.

Not considered as property of the beneficiary/beneficiaries in a divorce.

Can be revoked/cancelled anytime by the owner(s) with the creation of a new deed without permission.