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However, the Lady Bird deed differs from a basic life estate deed in one important way: When you make a Lady Bird deed, you keep the right to revoke or change the deed during your lifetime. For this reason, Lady Bird deeds are sometimes also called enhanced life estate deeds.
Q: What is an Enhanced Life Estate deed? A. This type of deed that transfers property to a grantee while the grantor (you) retains the ability to live on said property for the rest of his or her life.
A Florida Lady Bird Deed allows you to avoid probate court The only thing that your beneficiaries/remaindermen will need to do is to take your death certificate to the appropriate county clerk where the real property is located to show proof of death.
A Florida Lady Bird deed, formally known as an Enhanced Life Estate Deed, is designed to allow property owners in Florida to transfer property to others automatically upon their death while maintaining use, control and ownership while alive.
Potential Drawbacks of Lady Bird Deeds Medicaid Eligibility Concerns. Limited Flexibility. Risk of Unintended Consequences. Potential for Increased Property Taxes. Title Issues. Limited Asset Protection. Superior Alternatives to Lady Bird Deeds.