Enhanced Life Estate Deed also known as the "Lady Bird Deed" (named after the former first lady LadyBird Johnson)
by
Julio Cesar Marrero on Jul. 18, 2018
Estate Real Estate Real Estate Other
Summary: What some people in Florida don't know about property deed transfers.
Recently, a long time client of the firm reached out to start the process of estate planning. Aside from preparing his will, he also liked the idea of getting an Enhanced Life Estate Deed also known as a "lady bird deed" (named in honor of the former first lady LadyBird Johnson). What appealed to him most about this deed transfer was that his children would not have to go through the Florida probate process when he passes away. Often times a probate court process could takes months to finalize which would mean that his property would be tied up during that time before his beneficiaries could take possession of the home.
Unlike a quit claim deed, which people usually tend to use for the same purpose, the Enhanced Life Estate Deed actually has many great benefits (1) It allows our client to sell or encumber (e.g. mortgage) his property without the consent of his beneficiaries. (2) No creditors of his beneficiaries could obtain an enforceable lien against his home. (3) No spouses of his beneficiaries could claim an interest in the property, either upon their death or in the event of a divorce. Unfortunately, those are all pitfalls that come with a quit claim deed which many people are not aware of. There are also more benefits to a Lady Bird Deed.
There are only a few states which accept this form of property transfer. Fortunately, the state of Florida is one of them. To learn more, contact us today for Top Rated Bilingual Estate Attorney Miami Real Estate Lawyers. The best in all Miami and Coral Gables Law Firms!
Marrero, Chamizo, Marcer Law, LP is a BBB A+ Accredited Business Law Firm conveniently located in the City of Miami near Coral Gables, steps from the Shops at Merrick off Bird Road on SW 38 Avenue at: 3850 Bird Road, #1001, Miami, Florida 33146. We offer a Free initial case review, Flexible Payment Plans, and convenient Free onsite parking. Come visit us today!
Unlike a quit claim deed, which people usually tend to use for the same purpose, the Enhanced Life Estate Deed actually has many great benefits (1) It allows our client to sell or encumber (e.g. mortgage) his property without the consent of his beneficiaries. (2) No creditors of his beneficiaries could obtain an enforceable lien against his home. (3) No spouses of his beneficiaries could claim an interest in the property, either upon their death or in the event of a divorce. Unfortunately, those are all pitfalls that come with a quit claim deed which many people are not aware of. There are also more benefits to a Lady Bird Deed.
There are only a few states which accept this form of property transfer. Fortunately, the state of Florida is one of them. To learn more, contact us today for Top Rated Bilingual Estate Attorney Miami Real Estate Lawyers. The best in all Miami and Coral Gables Law Firms!
Marrero, Chamizo, Marcer Law, LP is a BBB A+ Accredited Business Law Firm conveniently located in the City of Miami near Coral Gables, steps from the Shops at Merrick off Bird Road on SW 38 Avenue at: 3850 Bird Road, #1001, Miami, Florida 33146. We offer a Free initial case review, Flexible Payment Plans, and convenient Free onsite parking. Come visit us today!
