Many of my clients ask what is a good option to transfer a property upon their death to an individual. One of the easiest options, if the owner does not want to put anyone else on the title during their lives, is a lady bird deed. A lady bird deed, also known as an enhanced life estate deed, is a deed that allows the owner of the property to maintain control of the property during their life, and upon their death, it transfers automatically to a beneficiary. This is a wonderful tool in order to avoid probate for the beneficiaries who are to receive the property.
The lady bird’s deeds have several advantages that should be noted. One of those advantages is that it avoids probate, this is an important tool in order to avoid probate as it will transfer the property automatically to those mentioned as the beneficiaries in the deed upon the passing of the owner. Another advantage is that the owner maintains the right to use, sell, profit, transfer, rent, etc. during their lifetime without requiring permission from the remainderman or remaindermen. In order to find out about the other advantages of a lady bird please make sure to contact an attorney in your area to best explain this instrument to you and if this instrument is beneficial in your particular scenario and estate planning.
Please note that a ladybird deed is only available in five states: Florida, Texas, Michigan, Vermont, and West Virginia.
