Using a lady bird deed to avoid probate on real estate
A lady bird deed, a/k/a an enhanced life estate deed, is a tool to avoid probate on real estate including your home or rental or investment property.
Bill: Quick question on the Living Trust. Do I need Living Trust if I have a home and one rental property.
Attorney Tom Olsen: Not for those two pieces of property, Bill. Now, you may need a Living Trust for other reasons but on those two pieces of property, we have simpler tools to avoid probate. They are what we call ladybird deeds. They're deeds that I would prepare that would state that as long as you or you and your spouse are alive, they are your properties to do with as you please. When you both pass away the properties would automatically go to your kids. No headaches. No hassles. No probate.
Bill: Great. Thank you very much. I'll call your office monday.
Attorney Tom Olsen: You're very welcome, Bill. Now, we have a book on enhanced Life State Deeds also known as a ladybird deed. If you'd like to get that booklet, all you have to do is to text us your name and street mailing address and we'll get that book in mail to you. You text it to 407-808-8398.