Understanding Lady Bird Deeds in Florida
Lady bird deeds throughout Florida, are unique. They allow property owners to retain, use, and control their property during their life and then give it to a beneficiary after their death. While people can do this using their will or another part of their estate plan, a lady bird deed helps beneficiaries avoid the long and costly probate process. A lady bird deed will name a grantor, who is the person that currently owns the property, as well as a grantee, who is the beneficiary that will inherit the property after the grantor’s death.
Life Estate Deeds in Florida
Generally speaking, owned property is known as ‘fee simple,’ which means the current owner retains total control and ownership of the property during their lifetime. If the owner transfers ownership rights using a deed with a retained life estate, the fee simple interest is divided into two parts. The first portion is the life estate and the second portion is the remainder. The grantor named in the lady bird deed retains the life estate in the property. The grantee is also known as the remainderman, as they will own the interest that is remaining in the property.
Transfer on Death Deeds in Florida
Transfer on death deeds, often referred to as TOD deeds, states that upon the death of the owner, the title of the property automatically transfers to the grantee outlined within the deed. Although Florida law does not allow property to be transferred using a TOD, a lady bird deed is an effective way to obtain the same outcome.
Benefits of Avoiding Probate
Probate is a lengthy process that involves a number of steps. After a person passes away, their property must go through the probate process if they did not leave a will or estate plan behind. During probate, a judge will determine how the property is divided according to the intestacy laws of the state or as set forth in the decedent’s will. Creditors can also make claims against the estate during the probate process. Florida law requires lawyers to be involved in the probate process.
Probate is not only very costly, but it is also extremely time-consuming. There are many reasons people want to avoid probate. A lady bird deed, along with other estate planning efforts, can help your loved ones avoid the probate process. Lady bird deeds automatically transfer property to the grantee after the grantor passes away, negating the need for probate for that property.
Our Lady Bird Deeds Lawyer in Tampa Can Help with Yours
Due to the laws in Florida, lady bird deeds are an extremely useful tool for those planning their estate. If you need help with yours, our Tampa lady bird deeds lawyer at Messina Law Group, P.A. can create yours to protect you and your beneficiaries. If you are located in the New Port Richey, Tampa, Wesley Chapel, or Dunedin areas and are planning your estate, call us now at (813) 492-7798 or contact us online to schedule a consultation and to get the information you need.
