When creating your estate plan, many individuals arrange their estate so that their heirs will not have to endure a lengthy, complicated, and expensive probate process. There are many ways your estate planning lawyer can help you avoid probate and guarantee a smooth transition of property to your loved ones. One of these methods is the inclusion of a Lady Bird deed. A Lady Bird deed can help you avoid probate, streamline the transfer of your property after your passing, and save your family significant time, money, and stress. Your attorney at The Milman Law Group can help determine whether a Lady Bird Deed is right for you.
What is a Lady Bird Deed?
In the 1970s, President Johnson and First Lady “Lady Bird” Johnson sought a way to transfer their property to their kids while retaining certain rights and control over it. They partnered with their attorney to devise a unique deed that accomplishes these goals. Now called a Lady Bird deed due to its association with the First Family, this is a type of enhanced life estate deed. There are only some states that recognize this deed, including Florida. This deed allows the property owner to bequeath their real estate to beneficiaries while retaining control and ownership of the property for as long as they live.
How Do You Use a Lady Bird Deed?
When you use a Ladybird deed, you retain the right to use, sell, mortgage, or lease the property without requiring the consent of the future beneficiaries. This differs from a classic life estate deed, where you would need permission for such actions. If you still own the property at the time of death, it passes directly to your designated beneficiaries without going through probate.
The Advantages of Enhanced Life Estate Deeds, or Lady Bird Deeds
Lady Bird deeds are not one-size-fits-all solutions but offer several unique advantages.
- Lady Bird deeds help your relatives avoid probate and the time, cost, and exposure involved
- They provide flexibility, as you can change your future beneficiaries or sell the property without needing consent
- As you retain ownership, a Lady Bird deed does not trigger a “due on sale” clause in the mortgage
- Your home remains your homestead, protected from most judgments
Remember that if you own property in other states, you may need an alternative solution if Ladybird deeds are not offered in that state.
How Does a Lady Bird Deed Help Your Family Avoid Probate?
When you use a Ladybird deed, your property goes directly to your beneficiaries after your passing. It bypasses the probate process entirely. This means your family can avoid the time and expense of probate, and your beneficiaries can own the property right away, which can be a significant relief during an already challenging time.
If this solution sounds ideal for your family, contact your estate planning lawyer at The Millman Law Group. Their expertise will help you craft the best estate plan for your unique circumstances and goals.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.