Is a lady bird deed a good idea?

A lady bird deed is a fairly effective and affordable estate planning tool that can help avoid probate and thus is a good idea!

A lady bird deed allows a property owner to keep all of her rights, title, and interest to one or more properties while designating one or more post-death beneficiaries to receive the property upon her passing without the need for probate.

Beware, however, if prepared, executed, or recorded incorrectly, or if prepared without the assistance of an attorney, the lady bird deed could be:

• Invalid and thus do nothing at all,

• Inappropriate for your estate plan, and thus expose you to negative consequences such as excessive taxes or giving property to unintended beneficiaries,

• Effective but unintentionally transfer all of your rights in the property to a third party, or

• Effective but transfer your right to lease, sell, mortgage, or otherwise encumber your own property without the consent of a third party.

Also note that the lady bird deed will only allow for one transfer and thus doesn't have the ability to plan for contingencies, such as when one or more remaindermen (post-death beneficiaries) pre-decease the property owner.

During your consultation with a QuickDeeds.com attorney, your attorney can help evaluate whether a lady bird deed is the right choice for you and your estate plan.