One way to AVOID PROBATE is to execute a "Lady Bird Deed" (named in honor of former First Lady, Lady Bird Johnson)
A Lady Bird Deed (also known as an Enhanced Life Estate Deed) will convey your home to your children, but reserve your right to live in your home for the rest of your life. You can sell your home at any time without notifying or obtaining the consent of your children. If you never sell the property, when you pass away, the house will pass directly to your children without going through probate.
Benefits of a Lady Bird Deed
1) Bypasses probate (saves time and money, preserves privacy)
2) Avoids any potential capital gains for your beneficiaries because there is no value received until you pass away
3) Protects the property from your beneficiary's creditors during your lifetime
4) Allows you to sell your home at any time, compared to a regular Life Estate
Certain specific language must be included to validate a Lady Bird Deed. Without the specific language the deed will be declared invalid for transferring your real estate in the intended way.
Call the Law Office of Debra G. Simms, P.A.
We charge a flat rate fee to prepare and record the deed.