Are You in Need of a of a Fort Lauderdale Lady Bird Deed
Many Floridians want their real property to directly transfer to their beneficiaries after their death without probate. This can be accomplished through a traditional life estate dead through which the grantor lives in the property until they pass away, but the interest in the property is transferred to the beneficiaries while the grantor is still alive. A better option might be to use an enhanced life estate deed, which is also known as a Fort Lauderdale Lady Bird deed. Here’s what to know about Lady Bird deeds from Fort Lauderdale estate planning lawyer Rhonda D. Zimmerman, Esq.
What Lady Bird Deeds Are and How They Work
A Lady Bird deed is a real estate transfer method through which the grantor retains the right to control and use the property as long as they remain alive while granting the title to the property to the heirs upon their death. Unlike a traditional life estate deed, a Lady Bird deed allows the grantor to retain the right to sell or mortgage the property while they are alive.
People can set up Lady Bird deeds by signing the document in front of a notary public and including information about the property and the grantor. For the document to be legally binding, it must be recorded by the county clerk’s office.
Benefits of a Fort Lauderdale Lady Bird Deed
Lady Bird deeds offer the following benefits to Fort Lauderdale residents:
- Avoiding probate
- Retaining control of the property during the grantor’s life
- Having flexibility in deciding when to transfer the title of the property
- Retaining the ability to sell or mortgage the property
Drawbacks of a Lady Bird Deed
Lady Bird deeds also come with the following disadvantages:
- Can only be used for properties owned solely instead of jointly
- Property liens and mortgages will need to be repaid before the title can be transferred
- Upon transfer, the grantor will lose the tax exemptions and benefits of owning the property
- No right of survivorship
For a Lady Bird deed to be valid, it must meet the following legal requirements:
- Executed in front of a notary and recorded in the county in which the property is located
- Grantor retains sole control over the property and decisions about possible sales or management
- Grantor must be 18 or older
- Grantor must be legally competent
- The grantor’s title must be clear
- All involved parties must sign
- The party who will receive proceeds from selling the property must be specified in the deed
- The deed must describe what will happen if the beneficiary predeceases the grantor
Once a Lady Bird deed is created, the grantor can change or remove the listed beneficiaries and can also change any restrictions on how the proceeds from selling the property will be handled. The grantor can also add more restrictions if they want. Any changes will need to meet the previously listed legal requirements to be valid.
Talk to a Fort Lauderdale Estate Planning Lawyer
Creating a Lady Bird deed can help property owners to avoid probate while allowing the grantors to use and control their properties as long as they remain alive. Fort Lauderdale estate planning lawyer can help you understand whether a Lady Bird deed might be a good option for you or if there might be alternative estate planning options to consider. Contact us today to schedule a consultation by calling (561) 672-7265.