Quote:
Originally Posted by retiredguy123
I understand that Florida does not allow a house to be titled as "payable on death". But, you can accomplish essentially the same thing by preparing a "lady bird" real estate title. It will allow you to retain total control of your Florida house, including the ability to sell the house, if you want. Ownership will transfer directly to your children or other heir upon death without probate. So, it could avoid the necessity to go through probate just to transfer the house. I would suggest that you consider it, especially if the house is the only asset that may need to go through probate. If a house is transferred to an heir in a will, sometimes the estate needs to be probated to clear the title so the house can be sold by the heir. A title company may not accept an unprobated will to clear the title when doing a title search.
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Take the case of the surviving spouse: the whole transferring process has been kicked down the road and the buck stops. A revocable living trust transfers title without probate from the surviving spouse to other beneficiaries. It sounds like the "lady bird trust" does the same thing. Can you please explain the difference?