Lady Bird Deed Cost. The real estate property ownerwith certain rights during life with the remaining interest going to a named grantee at the grantors death. Where probate can cost thousands of dollars the Lady Bird Deed is a desirable alternative.
A lady bird deed also called a ladybird deed or an enhanced life estate deed is a special form of life estate deed that gives the owner continued control over the property until his or her deathOnce the owner dies the property is transferred automatically to new owners without the need for probate. The Lady Bird Deed is an inexpensive way to transfer real property. In addition to the fees charged for preparing the deed there will be a cost associated with filing it in the public record.
However a Lady Bird deed is significantly less expensive than a Living Trust for those with relatively few assets.
The drafting of a Lady Bird enhanced life estate varies from attorney to attorney. This includes email delivery and postal mail delivery at no extra cost. Because of the unique features of this type of deed it may cost more to prepare than an ordinary deed. If Bill does nothing when he passes on the State of North Carolina will have what is called a Medicaid Lien on Bills house.