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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To Andy,
A will becomes effective only upon the death of the current owner of the property. After his death, the property will be probated and his estate will be divided as per his instructions given in the will. But the lady bird deed becomes effective once it is signed and properly recorded. Thus, if the owner transfers the property to a particular person through a lady bird deed, the deed overrides the will. However, you should consult an attorney regarding this and check out if the lady bird deed could be proved as invalid. |
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crispino77
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Post subject: lady bird deed |
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| What should be a reasonable cost for the lady bird deed? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi crispino,
The cost for transferring property through a lady bird deed will vary in different states. You need to engage a lawyer in drafting the deed for you. This is important as the deed you'll be using need to suit your situation and requirements. Filing the deed with the county recorder's office involve only a nominal fee. |
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vanessatalks2@yahoo.com
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Post subject: life estate offered |
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| Jessica I have a home worth 1.3 million in San Francisco and would like to nego a life estate please call me at 415 261 5660 |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To vanessa,
| Quote: | | Jessica I have a home worth 1.3 million in San Francisco and would like to nego a life estate |
Who is on the title to the property? Are you the only one on the property title? Do you want to add someone to the title, while retaining a life estate on the property? If this is what you want, you need to contact a lawyer and get a lady bird deed drafted by him. This deed will help you transfer the property title without you having to give up the full ownership to the property. The life estate gives you the right to stay in the property as long as you live. |
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plumbob
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Post subject: Ladybird |
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| Is Ladybird valid in Michigan? Our lawyer has suggested it! |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi plumbob,
As far as I know, enhanced life estate deed or a lady bird deed is valid in the state of Michigan. You may find sample copies of lady bird deed used in Michigan. But the verbiage used on the deed varies from one particular situation to another. Thus, you should consult your attorney and get a lady bird deed drafted by him so it suits your particular situation. |
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Mona Hodges
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Post subject: Lady Bird Deed |
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| Can you send me a form, or do I have to have a lawyer to file one? |
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Mona Hodges
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Post subject: Lady Bird Deed |
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| Can you send me a form, or do I have to have a lawyer to file one? |
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dobb7810
Joined: 14 Mar 2010
Posts: 14
Location: mortgage community
4.04 Dollars($)
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Post subject: inhertance |
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i was told that my faher in law could sell us our inhertance of land. and it would be in our name for refinancing.of course the the trailor on the land has a lein holder. we wish to refinance the trailor to pay off the lein ,have lower payments and lower interest rates.
Can this be done? the lein holder doesnt finance mobile homes any more.
This lady bird sound interesting.
how do i find out about it in Alabama? dobb7810 
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need help and advice |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi dobb,
Through a lady bird deed, your father in law can transfer the property ownership rights to you while retaining a life estate on the property. It means that he can live in the property till the time he is dead or the property is sold. He will also hold his rights to sell the property and he will not require any of the heir's permission in order to do so.
Once the title to the property is in your name, you can refinance the trailer. But like the current lien holder, many lenders do not finance used trailers. So, you'll need to search a lot before you can find a lender willing to help you refinance the trailer. |
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raagtownmom
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Post subject: mothers life estate deed |
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| mother regrets listing brother as beneficary in life estate deed. can she revoke him as sole beneficary? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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To raagtownmom,
It will be very hard for your mother to revoke the deed. The ownership of the property has been transferred and your mother holds only the life estate rights i.e. she has the right to stay in the property as long as she is alive. She cannot remove your brother from the deed unless she can prove that there was undue influence on her while she signed the deed. But to prove that in the court will not be an easy task. |
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Tex
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Post subject: ladybird deed |
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| we have a ladybird deed on grandmothers land. she has alzheimer's disease and resides in a nursing home. we have an investment company wanting to buy our land. Is there a way we can sell without having to repay medicaid and lots of taxes? |
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smajic
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Post subject: ladybird deed |
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| My mother has been on medicaid for years, but she is now needing to go into a Nursing Home. Can she file for the Ladybird deed now and will it disqualify her for medicaid? |
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