Florida Estate Planning Lawyers and Florida Elder Law Lawyers often use Ladybird Deeds to help transfer property upon death while allowing the owner to retain the full rights to sell, mortgage, convey, or change the future owner.
Florida, Texas, Ohio, California, Kansas and several other states now allow aLadybird Deed (named after Lady Bird Johnson) or Enhanced Life Estate Deed. With an enhanced life estate deed, a person can deed their property to another while reserving for themselves a life estate with the right to sell, convey, mortgage, or change who the property will pass to upon their death.
Quitclaim Deed v. Lady Bird Deed (Enhanced Life Estate Deed)
Often people use a Quitclaim Deeds to avoid probate. A Quitclaim Deed use to make things easier for beneficiaries. The problem with the Quitclaim Deed to avoid probate is that owner would not be able to sell or mortgage his/her property without the consent of her beneficiaries.
In some states a life estate or quitclaim deed could invalidate your homestead protection. If you are elderly or wanting to reduce potential probate costs it is important to speak to attorney in your state, who is practices in Elder law and Estate planning.
Florida residents or those owning property in Florida who have questions about how a recent or future deed transfer might affect them or their family can use the contact form to ask questions.