Lady Bird Deed Drawbacks. Spouses and minor children have certain interests in a grantors homestead property. Sometimes new circumstances arise and the property owner changes his mind about the transfer.
LADY BIRD DEED One Florida Supreme Court case supporting reserved powers in a life tenant relying on this case for support of the Lady Bird Deed See Ogleby v. Lack of Asset Protection. Sometimes new circumstances arise and the property owner changes his mind about the transfer.
Ineffectiveness against Florida constitutional restrictions.
Take a solid look at the Florida Lady Bird Deeds pros and cons. A Lady Bird deed creates a general lifetime power of appointment and names a default beneficiary to receive property. Very quickly a lady bird deed also known as an enhanced life estate deed can be used as an effective estate planning tool to allow a homeowner to live in their home for the rest of their lives and if no changes are made to the deed pass ownership onto whoever is designated in the recorded lady bird deed after the life estate holder passes away. While a Lady Bird Deed can be less expensive in the beginning it might require more money later on if changes are needed that require additional paperwork.