[Michael G.]

My financial adviser suggested me to make sure this
is added to my estate planning.

Google "lady bird deed"

Is this something for yours?

[retiredguy123]

In Florida, you are not allowed to designate a beneficiary on your house deed, which is often called a transfer on death deed. But changing your deed to a ladybird deed will basically accomplish the same thing. You can designate a beneficiary, and the house ownership will automatically transfer to the beneficiary when you die. You will not relinquish any ownership rights while you are living, and you can undo the ladybird deed at any time.

If you don't have a ladybird deed or a trust, your estate will most likely need to go through probate before your heirs can sell the house. I had this problem when my mother died because the title company would not accept my mother's will as proof of ownership.

[rjm1cc]

Not an expert. I think the lady bird is also a life estate. I would check to see that if you used this type of deed you could sell the property without getting permission of the beneficiary. I do not think you can.
I think in Fl if your home qualifies as homestead and your will leaves it to your children you can avoid probate if this is what your are trying to do. After you do your research I would discuss with an estate attorney.

[manaboutown]

“Lady Bird Deed”

[retiredguy123]

Originally Posted by rjm1cc

Not an expert. I think the lady bird is also a life estate. I would check to see that if you used this type of deed you could sell the property without getting permission of the beneficiary. I do not think you can.
I think in Fl if your home qualifies as homestead and your will leaves it to your children you can avoid probate if this is what your are trying to do. After you do your research I would discuss with an estate attorney.

Agree with discussing with an attorney. But, with a ladybird deed, you do not need the permission of the beneficiary to sell the house. Also, if you leave the house to someone in a will, the title company has no way to know if the will is valid or if it is the most recent will, so they may not transfer clear title to a buyer without the probate court's approval. The ladybird deed avoids this problem.

[rjm1cc]

Agree title co may have a problem with the title and you may need an attorney to draw up and file a new title at death. The lady bird comment is probably correct but make sure you understand how it might limit what you can do.