Recently, a long time client reached out to our Estate Planning Attorney Miami Lawyers to start the process of estate planning. Aside from preparing his will, he also liked the idea of getting an Enhanced Life Estate Deed. This is also known as a “lady bird deed” (named in honor of the former first lady LadyBird Johnson). What appealed most to him about this deed transfer, was that his children would not have to go through a Florida probate process after his death. All too often, a probate court process could take months to finalize. He didn’t want his property being tied up with probate for his beneficiaries to take possession of the home.
Unlike a quit claim deed, which people usually tend to use for the same purpose, the Enhanced Life Estate Deed actually has many great benefits:
- It allows our client to sell or encumber (e.g. mortgage) his property without the consent of his beneficiaries;
- No creditors of his beneficiaries could obtain an enforceable lien against his home;
- No spouses of his beneficiaries could claim an interest in the property, either upon their death or in the event of a divorce.
Unfortunately, those are all pitfalls that come with a quit claim deed which many people are not aware of. There are also more benefits to a Lady Bird Deed. To learn more, contact our Estate Planning Attorney Miami Lawyers for more information.
Estate Planning Attorney Miami Lawyers at your service!
There are only a few states which accept this form of property transfer. Fortunately, the state of Florida is one of them. To learn more, contact our Top Rated Estate Planning Attorney Miami Bilingual Lawyers Today! We are a proud Better Business Bureau A+ Accredited Miami Law Firm near the City of Coral Gables. We are off Bird Road at 3850 Bird Road Miami Florida 33146.