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.
Typically, your property tax won't change, as you remain in control of the property. Just remember to check in case there are local rules to watch out for.
While you can do it yourself, it's often a good idea to consult with an attorney to ensure everything's in tip-top shape and complies with Tennessee laws.
Nope! While a regular deed transfers ownership right away, a Lady Bird Deed keeps ownership with you until you pass on, making it a unique tool for estate planning.
Absolutely! You can change the beneficiary whenever you want, just like flipping a pancake. It's a straightforward process.
You can name anyone you choose as a beneficiary, like family members, friends, or even charitable organizations; it's entirely up to you.
In Memphis, a Lady Bird Deed allows you to maintain control of your property while adding a beneficiary who will automatically inherit it when you’re gone, all without going through probate.
A Lady Bird Deed is a special type of deed that allows you to transfer your property to someone after you pass away, while still keeping the legal rights to use it during your lifetime.