What is a "Lady Bird Deed"?
What is a "Lady Bird Deed"? A basic explanation of how a "Lady Bird Deed" functions in Florida. A "Lady Bird Deed" is also known as an Enhanced Life Estate Deed.
What is a "Lady Bird Deed"?A Lady Bird Deed is also known as an Enhanced Life Estate Deed. These types of deeds are very popular in the state of Florida for a variety of reasons. In certain situations these types of deeds can be an effective tool to have your Florida real property avoid probate.
A Lady Bird Deed does not become effective until the death of the property owner of the deed. This means that the property owner possesses all of their rights to the property during his or her lifetime. Also, during the property owner's lifetime, he or she can exercise their rights to sell the property at anytime or choose a different person(s) to receive their property at death.
When does the Grantee receive the property?When the property owner passes away, the property will then be passed on to the Grantee listed on the deed. This is a concept that is similar to listing a direct beneficiary on a checking account at the bank in order to avoid probate.