Hi Guy, today I wanted to quickly talk to you guys about Lady Bird Deeds also known as (enhanced life estate deeds). Now I think this deed is awesome. But right off the bat, it’s only available in five out of the 50 US states.
So Lady Bird Deed in Florida, Michigan, West Virginia, Texas and Vermont. If you live in one of these five states and you want to transfer property consider yourself one of the lucky few because you are able to use this ladybird deed.
Total Control Over the Property
I think that the ladybird deed is awesome because of two main reasons. So the first one is that you have total and full control over what happens to that property in the time that you owned it until the time that you pass away or die.
No matter who else is on the deed no matter who is listed on that piece of paper. You have full control over what happens to this property in the time that you are alive.
We can compare this to a regular life estate deed. where you have people on the deed right your beneficiaries or your remainderman they have to say over what happens to that property while you are still alive.
Because they are part of the deed. As opposed to a ladybird deed they don’t have any say over what happens to that property during the time that you are alive.
This property just automatically transfers over to them when you pass. I really like this because sometimes when there are too many people on a deed it becomes very complicated. Somebody wants one thing and another person wants another thing.
But with a ladybird deed if you wanted to sell your property or add somebody onto the deed or take them off of the deed. You have full control over all of these things.
Avoid Probate Process
The second reason why I think a ladybird deed is so beneficial is you totally avoid the probate process. So Probate happens when you pass away there’s somebody on the deed and then the court has to approve of whether that is valid or invalid.
They want to make sure that the correct person is inheriting this property and probate can take months and months to deal with and resolve.
If this beneficiary wanted to sell the property when they inherited it and they had to go through probate this can really slow down the process of the sale.
So much so that the sale could even fall through because maybe the buyers don’t want to wait that long or maybe they just cannot wait that long.
They’re on a time crunch and they need to purchase and with probate happening you really cannot speed things up any.
With that being said the Lady Bird deed totally helps you to avoid this lengthy probate process because when you have somebody on your Lady Bird deed. That property just automatically transfers over to them at your time of passing.
You just totally went around that whole probate issue and everybody is happy and those are the reasons guys why I really think you should highly consider a ladybird deed if you’re thinking of where your property is going to go after your passing.