One of the biggest questions we receive is about Ladybird Deeds.
- What is a Ladybird Deed?
- Will it stop my seller from selling their home?
- The owner has died and per the children there is a Ladybird deed recorded, what do we do next?
- My client wants to place a Ladybird Deed on their home, how do they go about doing so?
So, what exactly is a Ladybird Deed ....
- A Ladybird Deed is also known as an Enhanced Life Estate.
- This is a deed in which the grantor transfers the property to him/herself, retaining the right to transfer or encumber the property during his/her lifetime, and upon the death of the grantor (if not otherwise disposed of), the property transfers to a named beneficiary, without the need to go through probate.
- The Ladybird deed requires special language to ensure that the deed qualifies as a ladybird deed, therefore it should be prepared by an attorney.
- The Ladybird deed should be recorded at the Register of Deeds office in the county in which the property is located.
- The Ladybird deed only becomes active once the grantor(s) passes away and his/her death certificate is recorded with the register of deeds.
We are always available to answer any questions you may have or refer you to a real estate attorney that can help.