Lady Bird Deed
Lady Bird deed, also called an enhanced life estate deed, lets property owners transfer real estate to heirs - like children -automatically upon death while keeping full control during their lifetime, such as the right to sell or revoke it.
This deed avoids probate, so the property passes directly to beneficiaries without court involvement. Owners retain powers beyond a standard life estate, including selling, mortgaging, or changing beneficiaries anytime.
It's popular in states like Florida for homesteads, often naming children as remaindermen.
Elderly owners use it to bypass probate cost-effectively versus trusts.
It may be wise to avoid it with minor children or surviving spouses due to homestead protections.
It differs from traditional life estates, where beneficiaries gain immediate interests and limit owner control.
Consult your tax or estate planning professional for best guidance on your specific circumstance.
