In Florida, the practice of using “lady bird deeds” to transfer property following a death has become increasingly popular. The term got its name from former president Lyndon B. Johnson, who used a deed to leave property to his wife, Lady Bird, after his passing.
What Is a Lady Bird Deed?
A lady bird deed is a kind of estate deed that enables you to leave your real estate to your beneficiaries without probate.
You are able to maintain full control of your property while you are alive.
This type of deed is also frequently used when a person is preparing to apply for Long Term Care Medicaid, since the “gift” does not occur until you die.
Advantages of a Lady Bird Deed in Estate Planning
There are several advantages to using a lady bird deed in Florida. The single largest benefit is the ability to prevent your real estate from going through probate after your death.
A lady bird deed also has the benefit of separating the property from Medicaid eligibility while the deed is in effect. Under this approach, you can keep ownership of your home while still qualifying for Medicaid.
Since you maintain full control of the property, this means that you may still do many things with the property, such as sell it, get a mortgage on it, or give it away, without having to notify the people designated to receive the gift following your death.
Contact a Daytona Beach Probate Attorney
Florida is one of the only states in the country where lady bird deeds are legal. A Daytona Beach probate attorney has the experience and expertise to guide clients through the lady bird deed process.
