Using a lady bird deed to avoid probate on home


Using a lady bird deed to avoid probate on home


Attorney Tom Olsen: Lynn, you're on News 96.5, go ahead.

Lynne: My father has a townhouse and he has a small mortgage on that. He had a will prepared when we lived in North Carolina. My mother has passed away, has since passed away and moved permanently to Florida. He has enough cash to pay off the mortgage, but he wants to hold the mortgage just because he feels like he's going to get a tax deduction on it. My question being there's three children, myself, my two brothers, and I've heard you talk about a Lady Bird Deed and I don't know if that's something that would be open to him. How does he do that?

Attorney Tom Olsen: Absolutely. He might very well have a will that says, "When I die, leave everything including this townhouse to my three children," but it would require probate to get it out of his name and into the name of the three kids. The Lady Bird Deed would be a tool to use to avoid probate so that upon his death, it would automatically go to the three kids, no headaches, no hassles, no probate. The fact that your dad has a mortgage on the property does not matter. You can do this Lady Bird Deed even if there is a mortgage on the property.

Lynne: Is the Lady Bird Deed, is it something you prepare with the mortgage company? How do you get it done?

Attorney Tom Olsen: I would prepare it for you. Your dad would sign it in front of two witnesses and a notary public. If he comes to my office, I can do that for him. He could sign it in St. Augustine as well, and then we record it in the public records and then it's done.

Lynne: It's recorded in the county that he lives in?

Attorney Tom Olsen: Exactly. That's right, Lynne. Lynne, we have a free booklet on Lady Bird deeds and easy ways to avoid probate. If you'd like that free booklet, all you have to do is call or text Chrissy any time, 407-808-8398. When you call or text Chrissy, please, just leave her a message with your name and mailing address. That way, we don't have to call you back, we just pop this booklet in the mail to you on easy ways to avoid probate and Lady Bird deeds. Chrissy's phone number, 407-808-8398.