WHAT IS A LADY BIRD DEED?

A lady bird deed (also known as an enhanced life estate deed) can be used as an effective estate planning tool to allow a homeowner to live in their home for the rest of their lives, while maintaining their homestead exemption. The lady bird deed does not transfer the property until the homeowner’s death; therefore, its execution does not impact the asset protection benefits of Florida’s homestead laws. And, if no changes are made to the deed the ownership is conveyed to whomever has been designated as the remainderman in the recorded lady bird deed after the life estate holder passes away. No probate is required for the asset to pass to the intended heir (remainderman).

A lady bird deed allows the homeowner to retain for and during their lifetime, a life estate for the exclusive possession, use, and enjoyment of the rents and profits of the property described herein, without any liability for waste, with full right, power, and authority to sell, convey, mortgage, lease, or otherwise manage and dispose of the property in whole or in part, or grant any interest in the premises by gift or otherwise, in fee simple, with or without consideration, without joinder by the remainderman and to retain any and all proceeds generated thereby.  The homeowner also reserves the right to cancel the lady bird deed by further conveyance which may destroy any and all rights the remainderman may possess under this deed.

For more information on lady bird deeds, please contact: Daniel M. Copeland, Attorney at Law, P.A., at 904-482-0616 or submit a contact form.