Lady Bird Deeds
Lady Bird Deeds are becoming quite popular in recent years. The main reason they are being used is to avoid Probate. Simply put, with a Lady Bird Deed, you can transfer your home (or other real estate) directly to your children (or someone else) when you die. You still have the right to live in your home during your lifetime. You also have right to sell it, give it away, ar even take out a mortgage on it. But when you die, it automatically transfers to a person(s) of your choosing.
Lady Bird Deed vs a Trust
Remember, a Trust will also avoid probate, just like the Lady Bird Deed. The main difference is control of your home (or other real estate) after you die. A Lady Bird Deed transfers the real estate completely to the person you named at the moment of your death. A Trust on the other hand, allows you to control what happens to your home (or other real estate) after you die. For instance, your son can live in your home for 5 years after you die then he must sell it and split the proceeds with his siblings. Or, your daughter can live in your house when she is in college but she must either buy it from the Trust or sell it within 2 years after she graduates.
Contact Michael B. Walling, PLC to speak with an understanding and qualified attorney for a free consultation.