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The Texas lady bird deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.

Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.

A Lady Bird deed is a special kind of deed that is commonly recognized by Texas law. Also called an enhanced life estate deed, it can be used to transfer property to beneficiaries outside of probate.

Revocable trusts are similar to lady bird deeds in that they both offer significant amounts of control while the original owner is still alive. However, as third parties usually manage revocable trusts, owners tend to exert less direct control over the assets.

Upon your death, the property immediately transfers to the beneficiary designated in the deed. It's a streamlined way to pass down a home, but there is a catch: you can't sell or mortgage the property without the beneficiary's consent. A lady bird deed is considered an enhanced life estate deed.

Lady bird deeds do not result in any documentary stamp taxes when you execute the deed. In Florida, you are required to pay documentary stamp taxes on the transfer of real estate for any consideration, including the amount of any mortgage on the property.

This fee is typically $27.70.

Yes, it should. In Florida, the clerk of court is responsible for recording deed transaction. When the transaction is recorded, it provides notice to others that the transaction occurred. And notice can be very important if there is a dispute later over the property.