Posted on: 14th Apr, 2010 06:11 pm
Exactly what the heck is a Ladybird Deed?
Hi putnamd,
A lady bird deed is like any other deed that helps you transfer the property ownership. However, it does provide you with certain advantages as compared to other deeds like a quit claim deed. When you transfer a piece of property through a lady bird deed, you can retain life estate rights to the property i.e. you will have the legal right to stay in the property even though you have transferred your ownership rights to someone else. It also helps you avoid probate and allows you to sell the property anytime you wish without requiring consent from the beneficiaries.
A lady bird deed is like any other deed that helps you transfer the property ownership. However, it does provide you with certain advantages as compared to other deeds like a quit claim deed. When you transfer a piece of property through a lady bird deed, you can retain life estate rights to the property i.e. you will have the legal right to stay in the property even though you have transferred your ownership rights to someone else. It also helps you avoid probate and allows you to sell the property anytime you wish without requiring consent from the beneficiaries.
Hi,
Lady bird deed is a legal document by which you can transfer your property to your heirs but at the same time retaining a life estate along with the right to sell property in your lifetime. This means you will own the property till you die and can sell it without intimating anyone and after your death your heirs named on the deed will be able to take over the property.
Lady bird deed is a legal document by which you can transfer your property to your heirs but at the same time retaining a life estate along with the right to sell property in your lifetime. This means you will own the property till you die and can sell it without intimating anyone and after your death your heirs named on the deed will be able to take over the property.