Quote:
Originally Posted by gpk111
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?
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The lady bird is a type of deed for the the property. It is not a trust. The advantage is that it is just a deed, and will potentially save money and time in lieu of paying a lawyer to set up a complicated trust for all of your assets.
When my mother died, I was her only heir and all of her property was held jointly by me and her, except for her house, which she had left to me in her will. So, I legally owned all of her property. But, I had to go to probate court, open an estate, advertise the estate, and wait six months before I could close the estate. The only reason I had to do this was because I could not sell the house. The title company would not transfer ownership to a buyer with just a will. They required a probated estate that legally transferred a clear title to me, even though I owned the house via the will. But, if she had a "lady bird" title, I would have received clear title to the house immediately upon her death and would not have needed to go through probate at all. I hope that makes sense.