Q: Adding name to home deed using Lady Bird Johnson deed for survivorship
I'm considering adding a name to my home deed using a Lady Bird Johnson deed for the purpose of survivorship and avoiding probate since I do not have a will. The deed is currently solely in my name, and there are no mortgages or liens on the property. I have not yet consulted with a lawyer and would like advice on whether this is the best option and the process involved.
A: An Enhanced Life Estate Deed (Ladybird Deed) is one option to accomplish your stated goal and will avoid probate, if that person predeceases you, that will be a problem, and you will probably end up right back in probate. While a Trust would cost more, it would also avoid probate and give you say and control post-death if at all of importance. Also, proper estate planning will address a Will, Living Will, Power of Attorney, Florida Healthcare Surrogate, HIPAA Waiver and other things that may be needed or of utmost importance in various circumstances, so those are issues to think about and weigh as well. But yes, you can accomplish your stated goal via a Ladybird Deed per above.
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A: A Lady Bird Deed (Enhanced Life Estate Deed) is a great way to avoid probate while keeping full control of your property during your lifetime. It allows you to name a beneficiary who will automatically inherit the home upon your passing, without the need for probate. You can sell, mortgage, or revoke the deed anytime, and it may also help with Medicaid planning. To create one, you’ll need to draft, sign with a notary and witnesses, and record the deed with the county. While this is a useful estate planning tool, consulting a real estate or estate planning attorney can ensure it’s the best option for your situation.
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