This is a Basic Lady Bird Deed. A Lady Bird Deed is a transfer of property to another with a reservation of a life estate. Meaning a person can transfer property and retain ownership in that property until death, at which point it will then transfer to the other.
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Interesting Questions
Generally speaking, a Lady Bird Deed should help avoid capital gains taxes for your heirs, but it’s wise to chat with a tax pro to understand the ins and outs.
You bet! You can revoke or change a Lady Bird Deed at any time as long as you’re still kicking, giving you freedom and peace of mind.
Yes, one of the biggest perks of a Lady Bird Deed is that property transfers directly to the designated beneficiary, skipping the probate court altogether.
While it’s not required, it’s a smart move to consult with an attorney to make sure everything is up to snuff and to avoid any hiccups down the line.
Unlike a regular deed, a Lady Bird Deed allows the property owner to retain the right to use and live in the property after the deed is signed, which is a big plus!
Mainly, older homeowners looking to pass their property to their children without the headaches of probate can benefit from this deed.
A Lady Bird Deed is a special type of deed that allows property owners to transfer their property to someone else, usually a family member, while keeping the right to live there until they pass away.