Lady bird deed vs enhanced life estate deed vs life estate deed

Caller: Now Lady Bird Deed is it exactly the same or is it different in somehow from a life estate?

Tom Olsen: A life estate is different. The Lady Bird Deed is also known as an enhanced life estate. There's a difference between an ordinary life estate and an enhanced life estate. Both of them will avoid probate on real estate. The differences are this than an ordinary life estate deed, once you sign it, it is written in stone, you cannot change your mind without your children's knowledge, signature and consent.

With an enhanced life estate deed also known as a Lady Bird Deed, you reserve the right to change your mind at a later date without your children's knowledge, signature, and consent. If I do an enhanced life estate deed for you also known as a Lady Bird Deed for you, where you leave it to your three kids, and six months from now you have a falling out with one of them and you want to change it to two kids, or six months from now you want to sell your home or refinance it, you're going to be able to do so without your children's knowledge, signature, and consent. Enhanced life estate deed, also known as a Lady Bird Deed is a great tool to avoid probate and maintain complete control over your piece of property.

Caller: Okay, and you can revoke it at any time?

Tom: Absolutely. That's what it's all about.

Caller: Okay. That's the Lady Bird Deed, so that's much better in general, I would think for my purposes. Wonderful. Thank you so much. I really appreciate the help.

Tom: You're very welcome. Now, Cara, we have a free booklet on Lady Bird Deeds. If you want that free booklet on Lady Bird Deeds easiest way to do it is through our website, Olsenlawgroup.com or call Olsen Law Group anytime including right now. Holly is up front at 407-423-5561, and ask for your free booklet on Lady Bird Deeds, and we'll get that in the mail to you.

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