Can someone explain to me what a ladybird deed and what does it cost?
Estate Planning Attorney
A lady bird deed, also called an enhanced life estate deed, is a conveyance of property that allows the person with the life estate to transfer or mortgage the property in the future without the need to get the consent of the person with the remainder interest (the person who would get the property if the life tenant died). With a regular life estate deed, the person holding the life estate would need to get the consent of the person holding the remainder if they later wanted to sell, gift or mortgage the property. The lady bird deed is not valid in certain states. As with any deed or estate planning device, you should check with an attorney in your area to determine if it is right for you. Lady bird deeds are generally more expensive than regular deeds and the price generally changes based on where you live.
Elder Law Attorney
When deciding whether to use a lady bird deed one must realize that if you name a remainderman beneficiary who has a judgement of record against them you may not be able to sell or transfer the property without satisfying that judgement. Therefore, caution is urged before considering this technique. Costs vary based on attorney and location.
A lady bird deed, named after Lady Bird Johnson is also called an enhanced life estate deed, It is very similar to a Life estate deed. That is you give the proerty to one person for life, and another after the death of the first person.
The Lady Bird Deed is different in that it gives the life tenant the ability to do anything they want with the property, and only if something is left will the remainderman receive anything.
There are many life estate deeds that are not being recognized by title agencies and several technical issues that can come up in the drafting. It is best to use someone who has had their deed approved by several of the top title agencies in Florida to avoid problems in the future.