What is a Lady Bird deed?

A lady bird (ladybird) deed (also called an enhanced life estate deed, lady bird trust or a transfer on death deed) is a type of life estate deed. In simple terms, a life estate is a form of co-ownership in a piece of property, and a deed is a document that legally transfers the property from one owner to another.

What is the difference between a life estate and Lady Bird?

All lady bird deeds create a life estate, but not all life estate deeds are also lady bird deeds. The second type of deed embedded into a lady bird deed is a transfer on death deed, or TOD deed. A transfer on death deed provides that the property title automatically and immediately transfers to a designated person upon the owner’s death.

Can a ladybird deed be revoked?

A Ladybird Deed conveys a remainder interest which can be revoked during the property owner’s lifetime. This allows the owner to sell, convey, mortgage and otherwise dispose of the property without sharing the proceeds with the person or persons designated to receive the remainder interest.

Does a Lady Bird deed avoid probate in Florida?

Florida law requires that an attorney be involved in formal probate. Probate is both expensive and time consuming for a family. A lady bird deed avoids probate because the property title automatically transfers to the remainderman by “operation of law.”