Tampa Lady Bird Deeds
Tampa lady bird deeds are quite unique. They allow property owners to keep, use, and control their property during their life and then designate it to a certain heir upon their death. Although this can be done through a will or other part of an estate plan, a lady bird deed allows people to avoid the probate process, which is sometimes long and costly. Within a lady bird deed, a grantor is named, who is the party that currently owns the property, and a grantee, who is the heir that will inherit the property after the owner’s death. Our Tampa lady bird deed lawyer at My Florida Deed can help with these and other types of deeds.
What is a Life Estate Deed in Tampa?
Generally speaking, owned property is considered ‘fee simple,’ which means the current owner has complete control and ownership of the property. If a person transfers the ownership rights through a deed with a retained life estate, the fee simple interest is then divided into two portions. The first is the life estate and the second is the remainder. The grantor within a lady bird deed will retain the life estate in the property. The grantee, also known as the remainderman, will own the remaining interest in the property.
What is a Transfer on Death Deed in Tampa?
Transfer on death deeds, also known as TOD deeds, are also written into lady bird deeds. These deeds state that upon the original owner’s death, the title to the property shall automatically transfer to the grantee named within the deed. While Florida does not recognize transfer on death deeds, a lady bird deed is an effective way to reach the same outcome.
Why is it Important to Avoid Probate?
Probate is a process that involves many steps. A person’s assets will pass through probate after their death and, when there is no will or trust in place, a probate judge will determine how they are distributed according to the intestacy laws of the state. During probate, it will also be determined if there are claims from creditors against the deceased individual or their assets. State law requires that attorneys are involved in the formal probate process.
Probate is an extremely time-consuming process, and it is also very costly. Many people want to avoid probation for these reasons, and a lady bird deed can help you do it. Due to the fact that a lady bird deed will also the property to automatically transfer to the grantee upon the grantor’s death, without the need for going through probate.
Let Us Help with Your Lady Bird Deed in Tampa
Lady bird deeds are very helpful, particularly in Florida, a state that does not allow for many other forms of transferring assets upon a person’s death. If you need help with your Tampa lady bird deed, our attorneys at My Florida Deed can provide it. We have the quick forms you need and will ensure they are filled out properly and completely so you and your family are protected. Call us today at 407-205-2906 or fill out our online form to get the information you need.