What Is a Lady Bird Deed in North Palm Beach?

As you assess your estate planning options in Florida, you may come across many unfamiliar legal terms. One phrase that might have caught your attention is “lady bird deed,” and you may wish to learn more about this concept. Although its name is rather unique, this type of estate planning strategy is relatively straightforward. An experienced estate planning lawyer in North Palm Beach can explain this concept in more detail.

Where Does the Name “Lady Bird Deed” Come From? 

The origin of this phrase is complex, and it stems from its inventor: Florida attorney Jerome Ira Solkoff. In 1982, this lawyer was creating lecture materials while teaching law and used the phrase when describing a fictional couple. He used this fictional couple to highlight examples of elder law issues and one of these fictional characters was “Lady Bird.” It is heavily rumored that this character was based on the wife of former President Lyndon B. Johnson, who had the same nickname.

What Does a Lady Bird Deed Do?

A “deed” is a legal document that transfers real property from one person to another. A lady bird deed is distinct because of various specific features. First, it ensures that your property will be automatically transferred to a beneficiary when you pass away. Second, it provides greater levels of control to the person transferring the property as compared to standard deeds.

Many people enjoy the flexibility of a lady bird deed, as this estate planning document allows you to live in your own home and use it however you like until your passing. Unlike other forms of estate planning for your residence, you can change a lady bird deed easily and quickly. You can also sell your home, get a reverse mortgage, rent it out, or do anything else without first getting permission from the person named to get the property when you die, or going through complex legal steps.

Compared to many other estate planning tools, lady bird deeds are easy to set up. They are not reserved for the ultra-rich, and people from all walks of life may benefit from them.

Can an Estate Planning Lawyer in North Palm Beach Help with Lady Bird Deeds? 

An estate planning lawyer in North Palm Beach may be able to help with lady bird deeds. Avoiding probate is almost always a positive goal for families in Florida, but a lady bird deed may offer additional, more complex benefits. To discuss these benefits in more detail, it may help to speak directly with an attorney. Schedule a consultation with Kitroser Lewis & Mighdoll today to continue this important conversation.

Sources: 

nerdwallet.com/article/investing/estate-planning/lady-bird-deed

whitehouse.gov/about-the-white-house/first-families/claudia-alta-taylor-lady-bird-johnson/