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.
