Ladybird Deed

Service Description

A Ladybird Deed is a type of warranty or quit claim deed that gives the owner the ability to transfer the title, automatically, to someone (a beneficiary) in the event of their passing, outside of probate court. It also allows the owner to retain complete control of the property during their life, and this includes the right to change the beneficiary or sell the property. Generally, a Ladybird deed will be prepared with an Estate Planning Attorney, it is then signed and recorded with the local register of deeds. It’s a fairly simple process, but a very effective tool. Not only will the property avoid probate, but property taxes will not increase for the beneficiary since the property is directly passed. And since the property doesn’t become theirs until your passing, they also will not be subject to gift tax. It is also a cost-effective estate planning tool if your only major asset is the home you own. A Ladybird deed is considerably less expensive than a Living Trust. Schedule a free consultation to see if a Ladybird Deed is right for you.

Contact Details

• 3250 West Big Beaver Road, Troy, MI, USA

  248-744-4434

  fadi@myestateplanmi.com