[pooh]

Originally Posted by ijusluvit

I'm waiting for my attorney to send me the exact wording, but it is a property deed, legal in Florida and some other states, which is worded in such a way that the property does not have to go to probate when passing to one's heir(s). It was made famous by Lyndon Johnson, who used it to transfer ownership of property to Ladybird and her heirs.

Two things absolutely amaze me:

1) With it's many advantages over a regular deed, Why don't banks and mortgage companies here use this type of deed routinely? Instead, it's almost like a well-kept secret.

2) Why do so many people insist that establishing a trust, generally costing at least $1500, is the only way folks can keep transfer of their property out of probate?

A house could be the only asset or just part of an estate. It could be the largest asset, but not always. Trusts work for other assets, right?