A best kept FLORIDA estate planning secret 🦩
The Lady Bird Deed, also known as an Enhanced Life Estate Deed, is only recognized in three states: Florida, Michigan, and Texas.
HOW THE LADY BIRD GOT ITS NAME
The Lady Bird Deed got its name from former US First Lady, Claudia Alta "Lady Bird" Johnson who was First Lady from 1963 to 1969 as the wife of President Lyndon B. Johnson.
HOW THE LADY BIRD DEED WORKS
With a Lady Bird Deed, the owner of the property referred to as the “Life Tenant,” retains complete control over the property during his or her lifetime.
The Life Tenant has the right to mortgage or sell the property without the consent of the beneficiaries or the remaindermen named in the deed because the property does not transfer until the death of the Life Tenant.
Upon the passing of the Life Tenant, the beneficiaries will file the death certificate in the public records, which is all that is needed for the title to pass to them.