Difference between revisions of "Ladybird Deeds in Missouri"

Revision as of 05:01, 5 August 2019

Overview

Established by case law in Missouri. Different than a Transfer on Death Deed (TOD Deed) because it expresses a conveyance in the present tense and also reserves a Life Estate.

Sources

There are no statues specifically related to Ladybird Deeds in Missouri.
Ladybird Deeds have been recognized at Common Law by the state of Missouri.
St. Louis Cty. Nat. Bank v. Fielder, 364 Mo. 207, 211, 260 S.W.2d 483, 484 (1953)

Compliance

Although title insurance agents are permitted to draft deeds in connection with title insurance closings, the drafting of a Ladybird Deed is more likely to be considered the unauthorized practice of law to the increased complexity involved in creating a Life Estate with additional powers being reserved to the grantor. It is strongly recommended that agents refer the drafting of any such Deed to outside counsel.

Forms

There are no specific forms for the creation of a Ladybird Deed in Missouri.

Search

Ladybird Deeds are found in the county Recorder of Deeds office. They would typically be indexed the same as any other standard Deed.

Examination

"The said party of the first part hereby reserves a Life Estate in and to said property, with power to sell, rent, lease, mortgage or otherwise dispose of said property during his natural lifetime."

Underwriting

Ladybird Deeds are considered a present conveyance of fee simple title in Missouri and not a future interest.

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-Counsel is correct that this is a “Ladybird Deed”, but the problem is that its recognition in MO is based on a case from 1953.  It hasn’t been overturned by the courts or eliminated by statute, but I wouldn’t say it’s been enthusiastically affirmed by the courts either since then.  Without a statute, we always have the risk that a court may decide they no longer likes a previous decision or may decide to introduce a new nuance that it previously didn’t recognize.
+==Overview==
+Established by case law in Missouri. Different than a Transfer on Death Deed (TOD Deed) because it expresses a conveyance in the present tense and also reserves a Life Estate.
+===Sources===
+* There are no statues specifically related to Ladybird Deeds in Missouri.
+* Ladybird Deeds have been recognized at Common Law by the state of Missouri.
+* <u>St. Louis Cty. Nat. Bank v. Fielder</u>, 364 Mo. 207, 211, 260 S.W.2d 483, 484 (1953)
+===Compliance===
+Although title insurance agents are permitted to draft deeds in connection with title insurance closings, the drafting of a Ladybird Deed is more likely to be considered the unauthorized practice of law to the increased complexity involved in creating a Life Estate with additional powers being reserved to the grantor.  It is strongly recommended that agents refer the drafting of any such Deed to outside counsel.
+===Forms===
+There are no specific forms for the creation of a Ladybird Deed in Missouri.
+===Search===
+Ladybird Deeds are found in the county Recorder of Deeds office.  They would typically be indexed the same as any other standard Deed.
+===Examination===
+"The said party of the first part hereby reserves a Life Estate in and to said property, with power to sell, rent, lease, mortgage or otherwise dispose of said property during his natural lifetime."
+===Underwriting===
+* Ladybird Deeds are considered a present conveyance of fee simple title in Missouri and not a future interest.
+===Recording===
+* Ladybird Deeds are recorded at the county Recorder of Deeds office.
+===Pricing===
+* Preparation
+* Recording
+* Taxes
+==Cross-References==
+* [[Ladybird Deeds]]
+* [[Missouri]]
+** [[Deeds in Missouri]]
+** [[Transfer on Death Deeds in Missouri]]

Difference between revisions of "Ladybird Deeds in Missouri"

Revision as of 05:01, 5 August 2019

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