When is a Lady Bird Deed Useful?
A ladybird deed is an estate planning tool that can be used to transfer property upon one’s death. This tool allows the grantor (the person transferring the property) to retain control of property while designating who the property will transfer to. This process helps loved ones avoid probate. The lady bird deed got its name because former President Lyndon B. Johnson allegedly transferred property in this way to his wife, Ladybird. Over time, the name for the deed was adopted in wide use.
If you are interested in learning more about this useful tool, the skilled estate planning and probate attorneys of Babut Law Offices, PLLC, have over five decades of combined experience to meet your estate planning needs. Call us at (734) 485-7000 to schedule a free initial consultation.
How Does Michigan Differ?
Michigan does not subscribe to the Uniform Real Property Transfer On Death Act as other states do. Therefore, a lady bird deed can be a useful option for transferring property under the right circumstances.
Is a Lady Bird Deed Right for My Situation?
The lady bird deed, once known as an enhanced life estate, allows you to transfer property you own while you are still alive. The deed is similar to designating a beneficiary for the property. This transference is commonly used for adult children when your spouse is no longer living.
The deed has many benefits, including allowing you to:
- Keep control of your property as long as you live
- Protect your property from a grantee’s financial problems such as bankruptcy and other debt issues, as long as you are still living
- Avoid probate and taxes for your survivors and grantees
- Transfer property easily and make sure your wishes are known before you die
Speak to an estate planning lawyer to learn about what options are available to you.
Contact us to Discuss Your Estate Planning Needs
Our goal at Babut Law Offices, PLLC, is simple: We focus on helping people who need help. Our experienced lawyers will listen to your goals, explain your options and assist you in choosing the best estate planning ideas to meet your needs and protect what you have worked hard for your whole life. Call us at (734) 485-7000 to schedule your free initial consultation. Our main office is in Ypsilanti, and we have four other convenient locations to assist clients throughout southeast Michigan. You can also reach our firm through email.