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What is a Lady Bird Deed?
A ladybird deed is a legal document used for passing down property to a beneficiary without probate. As a type of estate planning tool, it is commonly used in conjunction with wills, revocable trusts, and other forms.
It can also be referred to as an enhanced life estate deed, where “life estate” refers to the fact that the owner’s possession and rights over the property are unaffected during their lifetime.
Advantages & Disadvantages
Advantages
- Circumvents probate – Because the property is transferred immediately after the owner’s death, the property effectively skips the probate process.
- Owner retains power over the property – Should the owner want to sell or rent out the property, they can do so freely without permission from the beneficiary.
- Avoids Medicaid estate recovery – Because a lady bird deed skips the probate process, it also avoids any claims made by the state to collect money owed for Medicaid treatment.
Disadvantages
- Only covers real property – The convenience provided by the form only applies to real estate. Any other assets the grantor owns must be passed down via tools such as a will or trust.
- Can cause issues for multiple beneficiaries – If there are multiple beneficiaries, all must agree when dealing with the property.
Sample
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Name: [PREPARER NAME]
Address: [PREPARER ADDRESS]
After Recording Return To:
Name: [RECIPIENT NAME]
Address: [RECIPIENT ADDRESS]
LADY BIRD DEED
STATE OF [STATE NAME]
COUNTY OF [COUNTY NAME]
This Lady Bird Deed, made this [MM/DD/YYYY] is by and between
[GRANTOR NAME(S)], whose address is
[GRANTOR ADDRESS] (hereinafter known as the “Grantor(s)”), and
[GRANTEE NAME(S)], whose address is
[GRANTEE ADDRESS] (hereinafter called the “Grantee(s)”).
For good and valuable consideration paid by the Grantee(s), the receipt of which is hereby acknowledged, the Grantor(s) does transfer and convey the following described property to the Grantee(s) effective upon the death of the Grantor(s), situated in [STATE NAME] County, [COUNTY NAME], to-wit:
[ENTER THE PROPERTY’S LEGAL DESCRIPTION HERE, OR ATTACH EXHIBIT A].
The Grantor(s) reserves a life estate for himself/herself/themselves during the Grantor(s) lifetime, coupled with an unrestricted power to convey during the Grantor(s) lifetime, which includes the power to sell, gift, mortgage, lease and otherwise dispose of the property and to retain the proceeds from the conveyance.
IN WITNESS WHEREOF, the Grantor(s) has executed and delivered this Lady Bird Deed under seal as of the day and year first above written.
Grantor’s Signature: _____________________________
Grantor’s Name: [GRANTOR NAME]
Street Address: [GRANTOR STREET ADDRESS]
City, State, & ZIP: [GRANTOR CITY, STATE, ZIP]
Grantor’s Signature: _____________________________
Grantor’s Name: [GRANTOR NAME]
Street Address: [GRANTOR STREET ADDRESS]
City, State, & ZIP: [GRANTOR CITY, STATE, ZIP]
Witness’s Signature: _____________________________
Witness’s Name: [WITNESS NAME]
Street Address: [WITNESS STREET ADDRESS]
City, State & ZIP: [WITNESS CITY, STATE, ZIP]
Witness’s Signature: _____________________________
Witness’s Name: [WITNESS NAME]
Street Address: [WITNESS STREET ADDRESS]
City, State & ZIP: [WITNESS CITY, STATE, ZIP]
STATE OF [NOTARY: STATE]
COUNTY OF [NOTARY: COUNTY]
I, the undersigned, a Notary Public in and for said County, in said State, hereby certify that [NOTARY: GRANTOR(S)] whose names are signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of the instrument, they, executed the same voluntarily on the day the same bears date.
Given under my hand this [MM/DD/YYYY].
_____________________________
Notary Public
My Commission Expires: ________________