Florida Lady Bird Deed Pros And Cons. It also gives the current owner retained control over the property including the right to change his or her mind about the transfer. Life estate deed in florida.
Because the deed transfers ownership without the need for probate it is an attractive tool. No probate is needed for either asset to pass to intended heirs. If the Lady Bird deed names more than one default beneficiary it does not allow just one of them to sell the property following the owners death unless the others give their power of attorney.
Your beneficiaries creditors will not be able to attach to the property while you are alive because your beneficiary will only receive the property if you the creator of the deed are still the owner upon death.
Because of the unique features of this type of deed it may cost more to prepare than an ordinary deed. This article will take a look at some of the features of Lady Bird deeds their pros and cons and their history and current trends. First and foremost Lady Bird deeds allow real estate to transfer outside of probate even if the original owner retains possession for life. In ones senior years more care is often required due to physical or mental conditions that have deteriorated or are deteriorating due to the aging process.