“Lady Bird Deed”

[caseycasebeer]

I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim (https://www.deedclaim.com/right-of-survivorship-deed/)

[Bogie Shooter]

A lot of not attorneys post on here…….you want to use their advice?

[retiredguy123]

I think it is a good idea because Florida does not allow a "payable on death" deed like some other states do. But, I would not do the lady bird deed online. I would go to a title company and pay them a few hundred dollars to prepare and record the deed. It will give you peace of mind that it was done correctly.

[Stu from NYC]

For a home worth several hundred thousand dollars you would trust the people here? Too important not to get professional advise.

[rjm1cc]

The deed could be a problem if you want to sell or he gets in legal difficulty. Since you do not know what you do not know I would talk to an attorney. My attorney recommended to leave the home in my will. I think it avoids probate because it is going to my children. Anyone have any comments on this?

[asianthree]

The deed could be a problem if you want to sell or he gets in legal difficulty. Since you do not know what you do not know I would talk to an attorney. My attorney recommended to leave the home in my will. I think it avoids probate because it is going to my children. Anyone have any comments on this?

The question to your attorney should be “does leaving house in my will to anyone avoid probate?” Your question for comments may not be any reliable than google

[retiredguy123]

The deed could be a problem if you want to sell or he gets in legal difficulty. Since you do not know what you do not know I would talk to an attorney. My attorney recommended to leave the home in my will. I think it avoids probate because it is going to my children. Anyone have any comments on this?
The problem with leaving the house to your child in a will is that you may not be able to sell it without going through probate. When my mother died and left her house to me in her will, I had to go through probate because I could not sell the house. The closing attorney/title company would not accept a will as proof that I had clear title to the house. How do they know that the will is current and valid and that there are no other heirs unless the estate is probated?

[Michael G.]

I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim (https://www.deedclaim.com/right-of-survivorship-deed/)

Well my wife and I still have our financial adviser in Wisconsin, and he has a lot of clients that are snowbirds here in Florida.

The last time we went back to Wi.he suggested we add "The Lady Bird Deed" to our estate. Our adopted son will get our house some day, he also lives in Florida.

[Altavia]

Another option is to put the home in a trust.

[vintageogauge]

Another option is to put the home on a trust.

Yep and name your son the successor trustee, all neat and clean.

[Dusty_Star]

The deed could be a problem if you want to sell or he gets in legal difficulty. Since you do not know what you do not know I would talk to an attorney. My attorney recommended to leave the home in my will. I think it avoids probate because it is going to my children. Anyone have any comments on this? Checking with an attorney is the way to validate that, I think probate is the way ownership is transferred from one name to another (or others)
Dusty

[Babubhat]

Lady Bird Deeds | Nolo (https://www.nolo.com/legal-encyclopedia/lady-bird-deeds.html)

Excerpt .

These deeds are also called "enhanced life estate" deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions. You wouldn't have the right to sell or mortgage the property, and you might also be liable to the beneficiary you named if you greatly decreased the value of the property—for example, let a house fall into serious disrepair.

Nolo began publishing do-it-yourself legal guides in 1971. In the 40 years since its founding, Nolo has evolved with technology, developing do-it-yourself software and building Nolo.com into one of the Internet's leading legal websites.

[retiredguy123]

Lady Bird Deeds | Nolo (https://www.nolo.com/legal-encyclopedia/lady-bird-deeds.html)

Excerpt .

These deeds are also called "enhanced life estate" deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions. You wouldn't have the right to sell or mortgage the property, and you might also be liable to the beneficiary you named if you greatly decreased the value of the property—for example, let a house fall into serious disrepair.

Nolo began publishing do-it-yourself legal guides in 1971. In the 40 years since its founding, Nolo has evolved with technology, developing do-it-yourself software and building Nolo.com into one of the Internet's leading legal websites.
You left out an important part of the nolo paragraph. You CAN sell the property with a lady bird deed. Here is the entire paragraph.

How a Lady Bird Deed Works

These deeds are also called "enhanced life estate" deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions. You wouldn't have the right to sell or mortgage the property, and you might also be liable to the beneficiary you named if you greatly decreased the value of the property—for example, let a house fall into serious disrepair.

By contrast, an enhanced life estate deed (the Lady Bird deed), lets you:

avoid probate of the property keep the right to use and profit from the property for your lifetimekeep the right to sell the property at any time avoid making a gift that might be subject to federal gift tax avoid jeopardizing your eligibility for Medicaid in some states, prevent the property from being sold, after your death, to repay the cost of Medicaid benefits you received.

[retiredguy123]

You left out an important part of the nolo paragraph. You CAN sell the property with a lady bird deed. Here is the entire paragraph.

How a Lady Bird Deed Works

These deeds are also called "enhanced life estate" deeds. With a standard life estate deed, you could name a beneficiary to inherit your property while you keep ownership of it for your lifetime, but with significant restrictions. You wouldn't have the right to sell or mortgage the property, and you might also be liable to the beneficiary you named if you greatly decreased the value of the property—for example, let a house fall into serious disrepair.

By contrast, an enhanced life estate deed (the Lady Bird deed), lets you:

avoid probate of the property keep the right to use and profit from the property for your lifetimekeep the right to sell the property at any time avoid making a gift that might be subject to federal gift tax avoid jeopardizing your eligibility for Medicaid in some states, prevent the property from being sold, after your death, to repay the cost of Medicaid benefits you received.
I agree with the posters who suggested consulting with an attorney for advice. But, if all of your assets consist of financial investments and a house, and you only have one heir, I think a trust is overkill and too expensive. You can set up your financial accounts as payable on death, and get a lady bird deed for the house for less money than paying an attorney to create a trust. And, I would trust one of The Villages title companies to replace my house deed with a lady bird deed. They all have attorneys on staff who know how to do it.

[JeanC]

I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim (https://www.deedclaim.com/right-of-survivorship-deed/)

Call Aimee Occhetti at Law Center of Central Florida. She knows about lady bird deeds. 352-633-9791. She’s in freedom plaza on 44

[Worldseries27]

the deed could be a problem if you want to sell or he gets in legal difficulty. Since you do not know what you do not know i would talk to an attorney. My attorney recommended to leave the home in my will. I think it avoids probate because it is going to my children. Anyone have any comments on this?
does a bear

[jedalton]

anything in a will goes thru probate

[bowlingal]

Here in Florida you need a trust. A will does not cut it here and will not avoid probate. See an attorney for peace of mind. Do not cut corners on this very important matter.

[GizmoWhiskers]

I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim (https://www.deedclaim.com/right-of-survivorship-deed/)

Have had one for years. If you own your house outright you are good to go. Homestead exemption is not transferred though. To claim homestead you have to reside in the home for more than one half of the year. That would only apply if your kid/kids actually move into the home. LBD is great as you still have control over your home. The day you croak it's theirs.

As far as the will goes, my will makes direct reference to the LBD to avoid any conflict as to the LBD intent, validity. No trust needed. I did use an attorney to draft original one. I have moved twice since original one.

[jparsoneau@aol.com]

Sounds like to me you have an attorney who gave you advice that you did not follow. If you don’t agree with your attorney you should get different advice from a different attorney. I would be very careful taking Legal advice from any Internet source. If you’re paying for legal advice you should probably follow it or pay somebody else for differently go advice if you’re not happy with it

[GizmoWhiskers]

I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim (https://www.deedclaim.com/right-of-survivorship-deed/)

Forgot to mention, relative to online you would want to really check the company taking all your private info. People have ways of stealing property titles now. So watch out for that. Saw a documentary on that. Wish I could remember the name of it.

[affald]

Call Aimee Occhetti at Law Center of Central Florida. She knows about lady bird deeds. 352-633-9791. She’s in freedom plaza on 44

Thank you. Any other recommendations on someone to prepare and file a ladybird and approximate costs?

[msilagy]

I did such a deed and had the attorneys for the villages draw it up. I believe their name is Burnsed etc and there is an office in Sumter Landing. They do a lot of these deeds. There is no ownership at all for the person/persons listed in the deed to inherit your home until you pass and protects your asset without probate. No risk on your part to have this drawn up. It cost $200 at the time but that was in 2013. In Illinois the same deed is called a TOD or transfer on death deed. Different name but same as Lady Bird deed in Fl. Spent the $200 or so to have it done right and recorded. It's a great alternative to a trust that insures no probate be involved. Good luck!

[retiredguy123]

Here in Florida you need a trust. A will does not cut it here and will not avoid probate. See an attorney for peace of mind. Do not cut corners on this very important matter.
I don't agree that everyone needs a trust. If you have a complicated estate with multiple heirs, then you may need a trust. But, if you only have one heir and a simple estate, then I don't think a trust will help you very much. The best way to avoid probate and problems after you die is to designate beneficiaries for your assets using "transfer on death (TOD)" provisions which work for most financial assets. Since Florida does not allow a TOD deed for real estate, a lady bird deed may be appropriate. That way, everything you own can transfer to your beneficiary automatically upon death. But, I do think everyone should have a will. Just my opinion.

[JoelJohnson]

Correct me if I'm wrong, but if you put your house in a trust, doesn't the person that gets the house have to pay taxes on the original price of the vs the selling price (if they sell it?). If they inherit it, the property gets adjusted to current value.

[retiredguy123]

Correct me if I'm wrong, but if you put your house in a trust, doesn't the person that gets the house have to pay taxes on the original price of the vs the selling price (if they sell it?). If they inherit it, the property gets adjusted to current value.
No. Typically, the house still gets the same stepped-up cost basis when it transfers to a beneficiary from a revocable living trust.

[Ski Bum]

Yep and name your son the successor trustee, all neat and clean.

Agreed. And a trust solves a lot of other issues. Not a cheap alternative though.

[retiredguy123]

Agreed. And a trust solves a lot of other issues. Not a cheap alternative though.
I have a simple will and no trust. When I die, all of my assets will transfer to my beneficiaries automatically. What other issues would there be?

[Boomer]

I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim (https://www.deedclaim.com/right-of-survivorship-deed/)



EEK!

“Penny-Wise and Pound-Foolish”

If I were you, I would not trust such an important financial maneuver to an online site.

Spring for an attorney and make it one who specializes in real estate. (Also, as someone else in this thread mentioned, the sheer volume of info gathering that site is doing could mean who-knows-what kind of doors are opened.)

Too often people make snap decisions about the deed to their house because they think they are doing the “smart” thing.

(Another classic example of penny-wise and pound-foolish is when an owner puts the heirs’ names on the deed.)

Boomer

[Babubhat]

Has a Medicare benefit . Removes asset if you go into a home

[retiredguy123]

EEK!

“Penny-Wise and Pound-Foolish”

If I were you, I would not trust such an important financial maneuver to an online site.

Spring for an attorney and make it one who specializes in real estate. (Also, as someone else in this thread mentioned, the sheer volume of info gathering that site is doing could mean who-knows-what kind of doors are opened.)

Too often people make snap decisions about the deed to their house because they think they are doing the “smart” thing.

(Another classic example of penny-wise and pound-foolish is when an owner puts the heirs’ names on the deed.)

Boomer
I agree with seeking legal advice regarding changing your deed. But, I don't agree with paying thousands of dollars for a revocable trust that you don't need. A friend of mine passed away last year. He had a trust document that was almost 2 inches thick, and during the time I knew him, he spent more than $5K preparing and modifying the trust. Every time he bought a new asset, he would call the attorney and pay him a fee to modify the trust. When he died, his son, the trustee and only heir, came to The Villages. He cleaned out the house, sold it and everything in it, and went home within a few days. I think the trust was a waste of money. I am just saying, that when an attorney suggests a trust, ask questions, and buyer beware.

[Dilligas]

I am not an attorney, but was interested in how to convey title to my residence in The Villages to my son (upon my death). If possible, I wanted to avoid the hassle and expense of Probate.

My online research showed me something called an “Enhanced Life Estate Deed” (aka: “Lady Bird Deed”). Florida is one of five states that offers such a deed. It can be done online, avoids Probate, gives the “Grantee” life tenancy, and all the benefits of ownership (including Homestead Exemption benefits). At $60, it sounded pretty good, but I would invite other’s opinions.

Once you complete the simple worksheet, it is emailed back to you. You then have the document notarized and signed by two witnesses, then take it to the Clerk of the Court’s office (at Morse & Hwy 466) to have it recorded ($27.70). Amazingly simple.

The site I used was:
Right of Survivorship Deed | DeedClaim (https://www.deedclaim.com/right-of-survivorship-deed/)
Best to see an attorney that works in wills and trusts. We put all our assets in trusts with our kids as co-trustees. When we pass, they become owners without probate, and can liquidate anything easily.

[jjombrello]

I agree. A trust would be a good solution. See Dean and Dean for help.

[Boomer]

I agree with seeking legal advice regarding changing your deed. But, I don't agree with paying thousands of dollars for a revocable trust that you don't need. A friend of mine passed away last year. He had a trust document that was almost 2 inches thick, and during the time I knew him, he spent more than $5K preparing and modifying the trust. Every time he bought a new asset, he would call the attorney and pay him a fee to modify the trust. When he died, his son, the trustee and only heir, came to The Villages. He cleaned out the house, sold it and everything in it, and went home within a few days. I think the trust was a waste of money. I am just saying, that when an attorney suggests a trust, ask questions, and buyer beware.


Whether to do a trust or not depends on the circumstances — like almost everything else in life — and death.

A trust sure can make the surviving trustee’s work easier because everything is clearly spelled out. The trust is the driver. The trustee just follows directions. A trust can also provide a certain amount of privacy re. assets of the deceased.

But there was a time, maybe 30 or so years ago, in Ohio, when some slap-dash, boiler plate, trust writing companies sprung up and were doing high pressure sales routines…..

I remember being shocked when I knew one of the people selling those trusts. He was not an attorney, but he sure was a natural salesman and knew a lot of people. In fairness to him, I will cut him a little slack because he was actually a pretty nice guy, was very young at the time, and might have thought he was helping people…..or convinced himself he was.

I don’t know what happened to those “trust” things. A lot of naive people bought them — and I think sometimes some naive people sold them.

Boomer

[SusanStCatherine]

We consulted a lawyer who recommended the ladybird deed to us. He was going to charge us a few hundred for it. But at closing the Villages titled it for us that way. I personally would not handle it the way you described. I would want to make sure a qualified person handled it due to its value.

[rjm1cc]

The problem with leaving the house to your child in a will is that you may not be able to sell it without going through probate. When my mother died and left her house to me in her will, I had to go through probate because I could not sell the house. The closing attorney/title company would not accept a will as proof that I had clear title to the house. How do they know that the will is current and valid and that there are no other heirs unless the estate is probated?
Yes, you could have a title problem with the title company when you go to sell.

[rjm1cc]

Correct me if I'm wrong, but if you put your house in a trust, doesn't the person that gets the house have to pay taxes on the original price of the vs the selling price (if they sell it?). If they inherit it, the property gets adjusted to current value.

Good question. My guess is the assets in a revocable trust get a stepped up basis at the death of the person who created the trust. I think I am correct on this part. If the trust is irrevocable you do not get a step up in basis. I think I am correct but better check if this is important to you.

[retiredguy123]

Good question. My guess is the assets in a revocable trust get a stepped up basis at the death of the person who created the trust. I think I am correct on this part. If the trust is irrevocable you do not get a step up in basis. I think I am correct but better check if this is important to you.
A typical living trust will be revocable until the trust creator dies, and then it becomes irrevocable. But, the trust beneficiaries will still get a stepped up cost basis for the house.

[SusanStCatherine]

IMHO - Pay for legal advice, it's worth it.

For those people advising others what to do instead of providing general information, please take into account everyone is different.

That being said, I can tell you what I learned for my personal situation. All of our assets are in financial institutions and our house. Designation of direct beneficiaries on all accounts is the easiest, fastest and least expensive way for your heirs to inherit. Just present the death certificate to the institution and that's it. The institution pays out directly to beneficiaries at the percentage designated. Ladybird deed has house go directly to beneficiaries as well.

I believe Qualified money like IRAs and 401k cannot be placed in a trust and that is where most of our $ is besides the house.

We still have a pourover will for anything not designated. Autos in FL cannot be titled to have beneficiary. I think my children can distribute our remaining estate without going through probate.

A trust costs $ to set up. Everything that can be titled must be titled into the trust. The trust must be administrated. The trustee has all the power.

If we get anywhere near to when a nursing home is needed, we may need to redo our current simple estate plan.

A trust is indicated if you have real estate in a different state. Also a trust is indicated if you have very specific instructions on how and when you want your estate to be distributed.

So a ladybird deed can be just the thing you may need for your estate planning.

[lindaelane]

The attorney who did you will for you can arrange the lady bird deed.

I had the attorney who did my will arrange my lady bird deed. In my case, the charge was quite low (I believe his office routinely does these and it was a matter of sending me the correct paperwork.)

Yes, my attorney advised, such a deed avoids probate.

[Pommom91]

I had the use of a free attorney in Florida through the UAW. He prepared a ladybird deed and a letter of instruction on how to have it recorded and returned to me. I feel good that my property will not have to go through probate upon my death.

[gettingby]

My aunts ladybird deeded their home to my wife and I. Had our family attorney set I up, seems it was around $350. After my aunt passed title was transferred immediately. Oh, I’m from Florida.

[Carole clausen]

See an attorney.

[QPB0078]

I did a lady bird deed to my brother. I used an attorney Trotter and Soulsby. It cost me 500.00