Using a lady bird deed to avoid probate on real estate
Using a lady bird deed to avoid probate on real estate
Attorney Tom Olsen: Welcome back everybody. My name is Tom Olsen and the name of the show is Olsen on Law every Saturday between 11:00 and noon right here on WDBO. We're coming to absolutely live this Saturday morning. That means that you have access to free legal advice. It's just that simple. If you want to get your legal question answered, all you have to do is pick up that phone and call us here in the WDBO studio at 844-580-9326.
Before we get back to the callers I want to introduce to you Attorney Holley Knapik. Holley welcome to the show.
Attorney Holley Knapik: Thank you Tom, good afternoon.
Attorney Holley Knapik: You're one of our estate planning lawyers here at the Olsen Law Group and while we do this radio show right now today you're up front answering phone calls for people.
Attorney Holley Knapik: Indeed I am.
Attorney Tom Olsen: Are the phones ringing?
Attorney Holley Knapik: They are and I wanted to let you know you have an appointment for Saturday. It's a good plug.
Attorney Tom Olsen: Okay, awesome, very good. Folks she's away from the phone right now. We sent Chrissy up there to answer your legal questions. We're going to talk to Holley for a few minutes, then we're going to send you back to answer the phones again if you don't mind.
Attorney Holley Knapik: Not at all.
Attorney Tom Olsen: Hey, Holley I know that at the Olsen Law Group we're all about helping people to avoid probate and I know you've had some great success with that with people's homes. Tell listeners what the tools you're using for.
Attorney Holley Knapik: Our most powerful tool is the lady bird deed. That is a deed that will help you avoid probate on your home. Basically within the body of that deed you can name the beneficiary. Once you pass away it will transfer to that beneficiary and all that's required of them is to record in the public records your death certificate.
Attorney Tom Olsen: Holley we often talk about people making their bank accounts POD, payable on debt to their kids as a tool to avoid probate. We like to say that this lady bird deed is similar to a bank account. You're making your real estate POD for your kids.
Attorney Holley Knapik: Absolutely, you get to name within the body of the deed who receives your home. Also this can be your primary residence or your beach condo or investment property.
Attorney Tom Olsen: If mom or dad have a lady bird deed and they pass away, what do the kids need to do to finish this off?
Attorney Holley Knapik: Just simply get a copy of the death certificate and record in the public records in the county where the property is located and it automatically transfers to the beneficiary's name.
Attorney Tom Olsen: All right folks we want to let you know that here at the Olsen Law Group we want to help you to avoid probate. We have free booklets available to you on easy ways to avoid probate. The easiest way to get those is through our website at olsenlawgroup.com.