Quote:
Originally Posted by KAM+6
Florida is one of the state's where you can have a "Ladybird deed". Property will be immediately transferred to your designated heir. A title company can prepare the deed for around $200. That's the quote i received last year.
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Exactly. That is one way to do it. Florida does not allow a "transfer on death" deed like some other states. Another option is to direct the executor of your will to sell the property and distribute the proceeds to the heirs, especially if there are multiple heirs. Or, you can deed the property as joint ownership with your heir, but that can sometimes create legal issues.
A friend passed away last year, and he had a very expensive, one and a half inch thick trust to cover his house, car, and financial accounts. But, all of his assets went to his only child, who also managed the assets, and was the trustee. I really don't think he needed an elaborate trust.