What is a lady bird deed?
A lady bird deed is also known as an enhanced life estate deed. It is a tool to avoid probate on real estate that you own.
Attorney Tom Olsen: Rick, you are on News 96.5, go ahead.
Rick: Good morning and thank you. My question is regarding agreement called a Lady Bird Agreement. It helps prevent probate last surviving person if they get a notarized --
Attorney Tom Olsen: Rick, let me stop you there and tell you about a Lady Bird Deed. Chrissy and I are promoting Lady Bird Deeds all the time because they are a great tool for avoiding probate on real estate here in Florida. That real estate might be your home, it might be your vacation condo, it might be your investment property. A Lady Bird Deed will work to avoid probate. The Lady Bird Deed, if you signed one, Rick, it states as long as you Rick are alive or you and your spouse are alive, it is your piece of property to do with as you please. There's no restrictions on it whatsoever. Within the body of the Lady Bird Deed, it literally gives the names of who gets this piece of property when you have passed away.
Usually, I'm talking about your children but it could be friends, it could be charity. When you use this Lady Bird Deed, also known as an Enhanced Life Estate Deed, and you pass away, the only thing your children will need to do is record your death certificate in the public records and that piece of property will automatically belong to them. No headaches, no hassles, no probate. Chrissy, you and I are always counseling people every time we see them about easy simple tools to avoid probate. This is one of those simple tools.
Chrissy: Simple tools for sure. The other thing, I think, Tom, too is that you, again, bring up a good point. I know that we're always passionate about educating people about this tool because it's an easy tool to avoid probate on real estate. Further, is that there are many people, because of Florida, that are snowbirds. They own a home in Florida but they have property in other states. You may have your state plan set in your other states but you can still just have a Lady Bird Deed here on that piece of property and that takes care of it.
Attorney Tom Olsen: People these days are interested in avoiding probate because it's expensive. If you own real estate in two states, you're going to have to do probate in both states and there's a double whammy. What you're saying is if you are a Snowbird, you live in the north for example and you've got a home in Florida, we might do a Lady Bird Deed for your home in Florida. We know you're going to avoid probate in Florida and you could talk to your attorney in other states about how to avoid probate there.
Chrissy: Exactly, simple.
Attorney Tom Olsen: Simple. Now, we've got a great booklet on Lady Bird Deeds and easy ways to avoid probate. If you want that book, it is very simple, you can call or text Chrissy. You don't need to ask her to call you back. All you have to do is leave your name and your address. We will get that book out in the mail to you. That phone number is 407-808-8398. Again, if you want the booklet on Easy Ways to Avoid Probate which includes a section on Lady Bird Deeds, you call or text Chrissy, leave her your name and mailing address so she won't have to call you back. That phone number is 407-808-8398.