Your home in Florida houses fond memories of your family. However, one of your worries is securing your home in the event you pass away. You may have heard of Lady Bird deed, which is an estate planning tool in Florida. Also known as an enhanced life estate deed, this document allows you to transfer real estate to a named beneficiary automatically upon your death.
The benefits of creating a Lady Bird deed
You may want to draft a Lady Bird deed for the benefits it offers:
- A house title transfer can bypass probate, transferring ownership to the named beneficiary after your death.
- You can sell, rent or mortgage the property whenever you want while you are alive without asking the beneficiary for permission.
- The state cannot place a lien on your home because the transfer of ownership occurred outside of probate.
- A Lady Bird deed maintains your homestead benefits.
While the benefits are clear, a Lady Bird deed may not apply to your family. For instance, if you name all your children on the deed, it can trigger family disputes over whether to sell or keep the house. Moreover, if your named beneficiary passes away before you, the property may become part of the probate system upon your death.
If you have complex family dynamics, you still have other options available to you. Strategies like setting up a living trust may fit your needs.
Utilize legal assistance to further understand your estate
Before you consider a Lady Bird deed, seeking guidance on estate planning matters is wise. An experienced attorney can review your estate circumstances and offer options that address your concerns.