Video Summary
Morning, welcome to Lunch With A Lawyer. Today’s topic is: What is a lady bird deed? A lady bird deed is a deed whereby a person conveys their property to a third party whom they wish to receive it after their death. The person who’s conveying it reserves the right to control the property during their lifetime, and also the right to sell it, retain all the proceeds. They’re not responsible to the person who they conveyed it to for any damage or insurance proceeds, or anything such as that. It is a deed designed to avoid probate as far as conveying real property, much like a payable on death bank account is concerned.
The word lady bird, this document was developed by an author and put into an elder law practice manual. He then gave these names to the various documents after famous people. This deed was named after Lady Bird Johnson, and is now widely known as a lady bird deed. This lawyer or any number of lawyers will call it an enhanced life estate deed, which is a little hard to explain exactly what that is. In essence, this deed is designed to leave the person who is signing the deed in complete control of their property during their lifetime. However, if they still own the property at their death, the property would automatically pass to whomever they designated under the will, which is an estate planning tool that I use readily for estate planning purposes to plan estates so that there is no probate proceeding involved.
If you have any questions about that, you can email me at q@rdwaller.com. That’s q@rdwaller.com, or on social media, #wallerlegal. I’ll be pleased to any inquiry. Or you can give me a call at 727-847-2288.
To bring you up to date on where we are with Lunch With A Lawyer, the idea is to make ourselves available and let people know that we would be pleased to answer their questions about topics as far as probate, estate planning, and real estate so they could call and I could try and answer them over the phone, or, if they needed a lawyer, that they would engage my services as far as that’s concerned. The new format that we’re going to do to accomplish that is with these videos, if you have any question, rather than having to watch this video either now or later, you can simply send your questions to q@rdwaller.com. You can email it to q@rdwaller.com. Or, for social media, #wallerlegal. That’s #wallerlegal for social media about any of the videos or Lunch With A Lawyer topics. I look forward to receiving your questions. I’m always available if you give me a call at 727-847-2288. Thanks.