A Lady Bird Deed, also known as an Enhanced Life Estate Deed, is a way to transfer your real property upon your death economically and without the need for probate. Florida, unlike most states, expressly allows this value tool as a way to hold your interest in Florida real property.
A Lady Bird Deed creates a life estate interest in the property for the current property owner, meaning the current owner maintains full use and control of the property during their lifetime, and creates a remainder interest that passes the property automatically to your named beneficiaries, called remaindermen, upon your death.
A Lady Bird Deed is a type of life estate deed. While both a Lady Bird Deed and a traditional life estate deed are tools to avoid probate, traditional life estate deeds do not allow the life estate holder to sell, transfer, or encumber the property, or terminate the interest of the remaindermen without obtaining consent of the named remaindermen. Lady Bird Deeds retain all those powers with the life estate holder, making them more flexible for the life estate holder and, often more importantly, allows the life estate holder to retain all its rights in the property.
There are many advantages of a Lady Bird Deed. These include:
Lady Bird Deeds are a very useful and cost-effective tool for probate avoidance in the right situations. To determine if a Lady Bird Deed is best suited for your needs, contact the experienced real estate lawyers at Messina Law Group, P.A. today.