Establish a lady bird deed in Florida with your Millman Law Group attorney.
Estate planning in Florida offers various tools to help families protect assets and simplify inheritance processes. One such tool is the Lady Bird Deed, also known as an Enhanced Life Estate Deed. This special type of deed allows property owners to maintain control of their home while ensuring a smooth transfer to beneficiaries upon their passing—without going through probate. Here’s what you need to know about creating a Lady Bird Deed in Florida and how it can benefit your estate plan.
What Is a Lady Bird Deed?
A Lady Bird Deed is a legal document that grants the property owner (the life tenant) the right to live in, use, or sell the property during their lifetime. Upon the owner’s death, the property automatically transfers to the designated remainderman (beneficiary) without the need for probate. This makes it an efficient and cost-effective way to pass down real estate. Your estate planning attorney at The Millman Law Group can advise you on how a Lady Bird Deed can specifically impact your estate plans.
When Should You Consider a Lady Bird Deed?
A Lady Bird Deed can be a valuable estate planning tool in the following situations:
- You Want to Avoid Probate for Your Property – Since the deed allows for automatic transfer, your heirs won’t have to navigate the time-consuming probate process.
- You Want to Maintain Control Over Your Home – Unlike a traditional life estate deed, a Lady Bird Deed lets you sell, refinance, or mortgage the property without the beneficiary’s consent.
- You Want to Preserve Medicaid Eligibility – A Lady Bird Deed can help Florida residents qualify for Medicaid benefits without triggering penalties related to asset transfers.
- You Have a Clear Plan for Property Inheritance – If you know exactly who should inherit your home and want to simplify the process for them, this deed is an excellent option.
Steps to Creating a Lady Bird Deed in Florida
If a Lady Bird Deed sounds like the right tool for your estate plan, follow these steps to ensure it is executed properly:
- Consult with an Estate Planning Attorney – Work with a knowledgeable Florida estate planning lawyer at the Millman Law Group to ensure your deed is legally sound and aligns with your overall estate plan.
- Determine the Beneficiary – Decide who will inherit the property upon your passing. This can be one or multiple individuals or even a trust.
- Draft the Deed with the Correct Language – A Lady Bird Deed must include specific language that grants you a retained life estate while allowing full control over the property during your lifetime.
- Sign and Notarize the Deed – The deed must be signed before a notary public and meet Florida’s legal requirements.
- Record the Deed with the County – File the executed deed with the appropriate county clerk’s office to make it official and ensure a clear property record.
How a Lady Bird Deed Helps Your Family
A Lady Bird Deed simplifies inheritance, protects your property rights, and minimizes complications for your loved ones. It can also provide tax benefits, maintain Medicaid eligibility, and prevent the need for court involvement after your passing.
If you are considering a Lady Bird Deed as part of your estate plan, The Millman Law Group can guide you through the process. Contact us today to ensure your property and loved ones are protected.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.