At Collins Brown Barkett Chartered, we understand that avoiding probate court is a primary concern for many of our clients seeking estate planning solutions. For some, a Lady Bird Deed, also known as an Enhanced Life Estate Deed, could be an attractive and cost-effective alternative to a living trust. Currently, Florida stands among the exclusive five states that recognize the benefits of Lady Bird Deeds.
But what exactly does a Lady Bird Deed offer? Essentially, it allows property owners to designate beneficiaries who will inherit the property upon their passing, all without the need for probate court involvement.
A key advantage of the Lady Bird Deed is that it allows property owners to retain full property rights during their lifetime. This means they maintain complete control and use of the property, and they can even sell the property or revoke the Lady Bird Deed if their circumstances change. It’s essential to note that the Lady Bird Deed won’t impact the property owner’s homestead tax exemption, or the homestead protections provided by Florida law.
Upon the owner’s death, the property seamlessly transfers to the beneficiaries named in the Lady Bird Deed, bypassing probate court entirely. The beneficiaries can use the owner’s death certificate to facilitate the smooth transfer of the property.
If you are interested in learning more about how a Lady Bird Deed can be tailored to fit your unique estate plan, we encourage you to reach out to us. Our team is ready to provide you with more information and expert guidance to secure your estate’s future efficiently.