Our lady bird deed template will allow for a quick transfer of real estate upon death.
What You Should Know Before Using Our Lady Bird Deed Template
The lady bird deed, also known as the enhanced life estate deed, allows you (the grantor) to:
- Leave property to stated beneficiaries while avoiding probate court
- Have full ownership of the property and continue to reside there as long as you choose to
- Sell, mortgage, or transfer the property to someone else without the permission of your beneficiaries. The third characteristic of this deed is what differentiates—and makes this document safer for the grantor—compared to a regular Life Estate Deed.
There are three key benefits to a lady bird deed. 1. Avoiding probate court allows for a quick and non-costly transfer of property after death 2. The property transfer will be completed on a stepped-up basis. This means that there are no capital gains taxes 3. Property is protected from liens and claims that creditors may have on your beneficiaries.
Each of these benefits helps propel the lady bird deed past a general beneficiary deed. The only drawback to this type of deed is that it is not useable in every state. However, it should be the first option for residents of states that do allow it.
California CA, Florida FL, Texas TX, Michigan MI, Ohio OH, and Kansas KS all accept the lady bird form. If you reside outside of one of the listed states, you should refer to our beneficiary deed and guide.
Use our lady bird deed template to quickly and easily secure your family's financial future today.