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A Florida Lady Bird deed, an enhanced life estate deed, is a legal instrument used in estate planning to transfer real estate property ownership to beneficiaries. At the same time, the grantor retains the right to use and control the property during their lifetime. The name Lady Bird deed is not based on any particular person or historical figure. Still, it was named after a legal case in the 1980s in which former President Lyndon B. Johnson transferred the property to his wife, Lady Bird Johnson, using a similar deed.
In a Florida Lady Bird deed, the grantor retains the right to use and control the property during their lifetime, meaning they can sell, mortgage, or otherwise transfer it without the beneficiaries' consent. Upon the grantor's death, the property automatically passes to the heirs named in the deed without going through probate.
One of the primary advantages of a Florida Lady Bird deed is that it can help avoid probate, which can be lengthy and costly. Additionally, Florida Lady Bird deeds are relatively flexible compared to other estate planning tools, and the grantor can amend or revoke the deed as needed.
It's important to note that Florida Lady Bird deeds can have potential legal and tax implications, and it's essential to consult with a qualified attorney to ensure that the deed complies with all applicable laws and regulations and is appropriate for your estate planning needs.
Published: Oct 27, 2022
Updated: Nov 21, 2023