How does a lady bird deed help my heirs avoid probate?
Well first let’s define what a lady bird deed is. That is a name that an author of a treatise gave to a life estate deed. A life estate deed means that you convey your property to your children or to anyone. However, you reserve to yourself a life estate, meaning that you own the property, or you get to use the property during your lifetime.
Now what is known as a lady bird deed has additional powers besides being able to use the property during your lifetime. Those powers include, which are reserved to you with your life estate is the ability to sell the property without the joinder of these remaindermen. So that is the definition of a lady bird deed when we’re talking about it.
So how does it avoid any kind of probate when a person passes away? Well, you signed the deed and you conveyed it to whomever, your children or your heirs and reserved a life estate. And you have certain rights to convey or transfer the property during your lifetime. But if you do not sell or convey it during your lifetime upon your death all they need is a death certificate and they will own the property, “they” being whomever you have conveyed the property to. And the deed, they will own it, and all they need to do is record the death certificate and they will automatically own the property.
So that’s how your heirs will avoid any probate proceeding if you sign a lady bird deed conveying the property to them during your lifetime.
If you would like to discuss this further well give me a call at 727-847-2288. Thank you.