This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four individuals. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
A Bird deed statement, also known as an Enhanced Life Estate Deed or a Lady Bird Deed, is a legal instrument used in Florida to transfer property while allowing the granter to retain control over it during their lifetime. This specialized deed provides several benefits and is primarily used as an estate planning tool. In a Bird deed, the granter (property owner) names a beneficiary who will obtain ownership rights to the property upon the granter's death, but the granter maintains the right to sell, lease, mortgage, or even change the beneficiary without requiring their consent. This unique feature distinguishes it from traditional life estate deeds, which limit the owner's control over the property. The Bird deed can be advantageous for individuals seeking Medicaid eligibility, as it allows them to transfer property to their heirs while still receiving benefits. By retaining control of the property, the granter can utilize it as a primary residence or potentially qualify for homestead exemptions and property tax benefits during their lifetime. Furthermore, the Bird deed offers protection from potential creditor claims, as the property does not pass through probate upon the granter's death. This means that the named beneficiary automatically assumes ownership rights, bypassing the probate process and potential complications that may arise from it. It's important to note that in Florida, there are no formal statutory provisions or specific statutory forms for Bird deeds. However, the name "Lady Bird" deed has gained popularity due to its frequent use as an effective estate planning tool. In summary, a Bird deed statement in Florida is a legal instrument that allows property owners to transfer ownership rights while retaining control and certain privileges during their lifetime. It offers benefits such as Medicaid planning, protection against creditors, and bypassing probate. Though not legally mandated, it is advisable to consult with an experienced attorney to ensure compliance with Florida laws and to create a properly executed Bird deed statement tailored to individual circumstances.
