If you’re looking for a way to transfer property ownership without going through the probate process, a lady bird deed may be the right solution. This type of deed gives the owner continued control over the property until their death, after which it’s automatically transferred to new owners.

While this may be a great way to avoid probate, there are also some downsides to consider before making a decision. Here, we will have a look at the pros and cons of lady bird deeds so you can make an educated choice.

Pros of a Lady Bird Deed

A lady bird deed offers several advantages. These include:

  • It can help you avoid probate
  • It gives you more control over what happens to your assets
  • It offers you full control of the asset throughout your lifetime
  • It can help protect your assets from being used to pay for long-term care costs
  • It may provide tax benefits for your beneficiaries

If you’re considering creating a lady bird deed, this list of pros might help you make a decision.

Cons of a Lady Bird Deed

Of course, there are also potential drawbacks to a lady bird deed. These include:

  • This type of deed requires very specific language and may require the assistance of an attorney
  • It must be recorded to be effective.

If you’re considering using a lady bird deed in your estate planning, seek legal counsel to ensure it is the best option.

How an Attorney in Daytona Beach Can Help

While some people may view consulting an attorney in Daytona Beach as an unnecessary expense, attorney services can save you a lot of money and headache in the long run. Whether you’re drafting a lady bird deed or any other legal document, it’s important to have an attorney review it to ensure everything is in order.

A lady bird deed can be a great tool for estate planning, but it may not be right for everyone. Contact an attorney in Daytona Beach to decide whether a lady bird deed is best for you.

Q: Is there a difference between a “living will” and a “do not resuscitate” order?

A: Many people wonder about the difference between a living will and a do not resuscitate order (DNR).

While they both address end-of-life wishes, they are actually two different documents and are typically used in different settings.

Your living will is a written statement reflecting your wishes about life sustaining treatments in the event of a terminal illness, end stage condition or persistent vegetative state.

It acts as a directive to physicians, should you be incapable of advising them orally. This document is typically considered one of the essential estate planning documents and is usually prepared by an elder law attorney.

The average person usually doesn’t know much about how their assets are distributed at the end of their life. How is the will handled? What does probate even mean? How can a revocable trust help you in the probate process?

These are all very good questions. This uncertainty is why you need to have them answered by an experienced Daytona Beach probate attorney.

What Is Probate?

When someone dies, the legal process of finalizing their estate and last wishes is called probate. During this process, a deceased person’s assets and debts are administered by the probate court. If there is a Last Will and Testament, that document will control what happens to the assets. If there is no Last Will and Testament, the assets will pass to the heirs at law.

In Florida, a probate case must be handled by an attorney.  In addition to the attorney fees, there are additional costs such as filing fees.  The process can also be time consuming.

A Revocable Trust is designed to help avoid the costly and time consuming probate process.

An estate planning attorney in Daytona Beach will be able to help you set one up.

How a Daytona Beach Probate Attorney Helps with Revocable Trusts

A revocable trust is a document that, like a Will, will determine the recipients of your assets when you pass.  However, by placing you assets in the trust, your beneficiaries will be able to obtain the assets without a lawyer or a court!  You will name someone you trust, a Trustee, to be in charge of this process.

The Law Office of Debra G. Simms will guide you through the process of setting up a Revocable Trust.

If you’ve ever experienced the passing of a loved one, you’re likely to be familiar with probate. Probate can be a challenging and time-consuming process, but there are methods to help avoid it altogether.

If you’re looking to create an estate plan, a probate attorney can help you with a revocable living trust. It can help avoid probate in Florida and create a more peaceful transition for your family at your passing.

What Is Probate?

Probate is a court-supervised process allowing for the identification and distribution of a person’s property and assets after they’ve passed. Additionally, it helps the individual responsible for the person’s estate, called the personal representative, achieve other tasks, including paying off creditors and taxes.

When an individual passes away with an estate plan, including a will but no trust, probate becomes necessary.

What Is a Revocable Living Trust?

If you’re looking to set up a trust, there are many to choose from. Revocable living trusts are among the most common.

A revocable living trust is a document you create during your lifetime that helps create a plan for your money and assets after your passing. It helps distinguish who your beneficiaries are and who gets what when you die.

A revocable trust is revocable because you can modify or revoke it at your discretion, as opposed to an irrevocable trust that cannot be changed or revoked.

When you create a trust, you retitle all of your assets in the name of the trust. You select a trusted individual, a trustee, to manage and distribute those assets to your named beneficiaries once you’ve passed. 

With a revocable trust, you, the grantor, still have access to your assets, but they’re protected in case of your death.

Benefits of a Revocable Trust

There are many advantages to a revocable trust, the most important of which is the grantor’s ability to modify the terms of the trust or void it altogether at any time.

While many are familiar with wills, revocable trusts can offer similar protections but better. A will dictates who gets what at your passing but doesn’t go into effect until you’ve passed. When you have a revocable trust, your assets are protected even if you remain living but become incapacitated. 

Avoiding Probate with a Revocable Living Trust

Another important benefit to having a revocable trust is its ability to help bypass the probate process.

Even if you have a will, it does not guarantee it won’t need to be probated at your death. When you have a revocable trust, the trustee will be able to transfer your assets to the designated beneficiaries without the need for probate.

Probate can be a long, drawn-out, and sometimes contentious process for many families. Having a revocable trust can help avoid the need for probate, saving valuable time and money.

A Probate Attorney in Daytona Beach Can Help You

If you’re looking to set up a revocable trust or your loved one has passed, and you need assistance with probate, a knowledgeable lawyer can provide top-quality legal assistance.

Estate planning and the probate process can be confusing and stressful. Let a Daytona Beach probate attorney help you.

Contact Us

Port Orange Office:
Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
Local: 386.256.4882
Toll Free: 877.447.4667
New Smyrna Beach Office:
817 E. 7th Ave
New Smyrna Beach FL, 32169
Local: 386.256.4882
Toll Free: 877.447.4667