ENHANCED LIFE ESTATE DEED (LADY BIRD DEED)

Prepared by:
[________________________________________]

Return to:
[________________________________________]
[________________________________________]

SPAN (School Property Account Number): [________________]

ENHANCED LIFE ESTATE DEED

Pursuant to 27 V.S.A. § 341 et seq. (Vermont Enhanced Life Estate Deed Act)

THIS ENHANCED LIFE ESTATE DEED is made on [__/__/____] by:

GRANTOR (Life Tenant):
[________________________________________]
of [________________________________________], [________________], Vermont [________]

to:

GRANTEE (Remainderman):

CONVEYANCE

GRANTOR, for good and valuable consideration, does hereby CONVEY to GRANTEE a remainder interest in the real property described in Exhibit A (the "Property"), subject to an enhanced life estate reserved to Grantor pursuant to 27 V.S.A. § 341 et seq.:

1. ENHANCED LIFE ESTATE

Pursuant to 27 V.S.A. § 342, Grantor reserves an enhanced life estate in the Property with the following powers, exercisable without the consent or joinder of Grantee:

(a) Full right to use, possess, occupy, and enjoy the Property;
(b) Power to sell, convey, or transfer all or any part of the Property;
(c) Power to mortgage, pledge, or encumber the Property;
(d) Power to lease the Property and retain all rents, profits, and income;
(e) Power to revoke this deed in whole or in part per 27 V.S.A. § 343;
(f) Power to designate different or additional remaindermen;
(g) Right to all income and proceeds from the Property.

2. NO PRESENT INTEREST

Per 27 V.S.A. § 344, Grantee has no present possessory interest, right to use, or right to control the Property during Grantor's lifetime. The remainder is contingent upon (a) Grantee surviving Grantor, and (b) Grantor not having revoked or conveyed the Property.

3. VESTING UPON DEATH

Per 27 V.S.A. § 345, upon Grantor's death, full fee simple title shall vest automatically in Grantee without the necessity of probate or any further conveyance, subject to existing encumbrances.

If multiple Grantees:
☐ Tenants in common
☐ Joint tenants with right of survivorship
☐ Other: [________________________________________]

4. PREDECEASING GRANTEE

Per 27 V.S.A. § 346, if Grantee predeceases Grantor:
☐ Grantee's interest lapses (default under statute)
☐ Other provision: [________________________________________]

5. REVOCATION

Per 27 V.S.A. § 343, this deed may be revoked by Grantor at any time by executing and recording a written instrument of revocation in the land records of the municipality where the Property is located.

6. PROPERTY TRANSFER TAX

☐ Vermont Property Transfer Tax return (Form PT-172) filed
☐ Claimed exempt under 32 V.S.A. § 9603([____]): [________________________________________]
☐ Tax payable: transfer tax rate is 1.25% of first $100,000 and 1.45% of balance (primary residence with homestead declaration) or 1.45% flat (non-primary)

7. HOMESTEAD DECLARATION

☐ Grantor has filed a Homestead Declaration under 32 V.S.A. § 5410 for this Property
☐ Homestead status is preserved during Grantor's lifetime

PROPERTY DESCRIPTION

See Exhibit A attached hereto and incorporated by reference.

Located in the Town/City of [________________], County of [________________], State of Vermont.

SIGNATURES

GRANTOR:

Signature: ________________________________________
Printed Name: [________________________________________]
Date: [__/__/____]

SPOUSE (if applicable):

Signature: ________________________________________
Printed Name: [________________________________________]
Date: [__/__/____]

ACKNOWLEDGMENT

State of Vermont
County of [________________]

On this [____] day of [________________], [________], before me personally appeared [________________________________________], to me known to be the person(s) described in and who executed the foregoing instrument, and acknowledged that he/she/they executed the same as his/her/their free act and deed.

Notary Signature: ________________________________________
Printed Name: [________________________________________]
Commission Expires: [__/__/____]

[NOTARIAL SEAL]

EXHIBIT A — LEGAL DESCRIPTION

[________________________________________]
[________________________________________]
[________________________________________]
[________________________________________]

This deed is provided as a legal template pursuant to 27 V.S.A. § 341 et seq. It does not constitute legal advice. Consult a licensed Vermont attorney before execution and recording.