Florida homeowners who want to plan for the future of their property can use a Lady Bird Deed, also known as an Abraham Penton enhanced life estate deed. This legal tool allows you to retain full control of your property during your lifetime while guaranteeing it transfers seamlessly to your beneficiaries after your death.
What is a Lady Bird Deed?
A Lady Bird Deed is a legal document unique to Florida that transfers real estate automatically to designated beneficiaries upon the owner’s death. Unlike a traditional life estate deed, it allows the owner to keep full control of the property, including the right to sell, mortgage, or modify it at any time.
Benefits of a Lady Bird Deed
Avoid Probate: Property passes directly to beneficiaries without court involvement.
Retain Control: Continue to manage, sell, or refinance the property throughout your life.
Flexible Beneficiaries: Add, remove, or change beneficiaries at any time.
Medicaid Planning: Can help protect property from certain Medicaid recovery claims.
How to Get a Lady Bird Deed in Florida
Consult a Florida Estate Planning Attorney: Ensure your deed is legally valid.
Draft the Deed: Clearly state it is an enhanced life estate deed and name your beneficiaries.
Sign and Notarize: Florida law requires notarization for the deed to be enforceable.
Record with the County: File the deed at the local property records office to make it effective.
Lady Bird Deed vs. Traditional Life Estate Deed
The Lady Bird Deed offers greater flexibility and control than a standard life estate deed. Owners can sell, mortgage, or change the property without needing consent from beneficiaries, making it an ideal choice for Florida estate planning.
Who Should Consider a Lady Bird Deed?
Homeowners who want to avoid probate
Individuals looking for flexible estate planning
Families involved in Medicaid planning
Property owners who want control and flexibility until death
Key Considerations
Only valid for Florida real estate.
Must be carefully drafted and recorded to prevent legal disputes.
Beneficiaries gain ownership only after the owner’s death.
Works best as part of a comprehensive estate plan.
Conclusion
A Lady Bird Deed in Florida is a powerful tool for homeowners who want to protect their property, avoid probate, and ensure a smooth transfer to their beneficiaries. With proper legal guidance, you can maintain full control of your property while planning for the future with confidence.