The South Carolina Enhanced Life Estate Deed Act aims to establish a legal framework for enhanced life estate deeds, commonly referred to as "Lady Bird deeds." This legislation introduces a new part to Article 6, Title 62 of the South Carolina Code, detailing the processes and procedures for creating and managing these deeds. An enhanced life estate deed allows a grantor to transfer real property to designated remainder beneficiaries upon their death while retaining full control over the property during their lifetime. The bill outlines the definitions of key terms such as "grantor," "remainder beneficiary," and "trustee," and specifies the requirements for executing and recording an enhanced life estate deed.

Additionally, the bill provides that property held in an enhanced life estate deed will pass directly to the remainder beneficiaries without the need for probate, and it protects the property from claims by the grantor's creditors unless fraud is involved. The grantor retains eligibility for homestead property tax exemptions and ensures that the property is not treated as a gift for Medicaid eligibility purposes. The act also allows for the revocation or amendment of the deed by the grantor at any time during their lifetime. This legislation is set to take effect upon the Governor's approval and will apply to all enhanced life estate deeds filed thereafter.