If you own a home and are wondering about the best way to give it to a loved one after you have passed on, consider using a Lady Bird deed. Named after President Lyndon Johnson’s wife, this is a type of Quitclaim deed that enables you to live out your years in your own home, and then your designated loved one automatically owns the home upon your death—there is no need to open a probate estate. It’s an automatic conveyance upon your death.
No one can kick you out of your home after you’ve signed the Lady Bird deed, either, because you retain all your rights in the property until death. And if you change your mind after you’ve signed a Lady Bird deed, you can always revoke it or make a new Lady Bird deed to designate someone else as the owner when you die. Lady Bird deeds are 100% revocable by the land owner.
Other estate planning options may fit your situation better, such as living trusts or traditional life estate deeds, so it’s always best to consult with an estate planning attorney to help you determine what’s best for you. The attorneys at Atkinson Petruska Kozma Hart & Couture, PC can help you make the best decision for what you’d like to happen to your home after you no longer need it. Just call 833-NeedLaw or visit us at our web site, www.need-lawyer.com.