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jfrost1230 · Joined: 09 Mar 2010 Posts: 1 1.00 Dollars($)

My fiancee wants to do a prenup and give me a Life Estate which he said would give me the ability to live in his house (if he were to pass away) for the rest of my life. He said 1/2 of the house would be mine and 1/2 would be his daughters. I wanted the ability to sell if I wanted to (he wants half of the proceeds to go to his daughter). I don't want to have permission to sell and be able to sell for the price I want to sell it for. He said this was called a Lady Bird. From what I read regarding a Lady Bird Deed, it is meant for someone who currently owns the home and has created a life estate for someone else and continues to reside in the house but would not have to have permission of the (for instance) daughter to sell if he so desires. Would this work in a prenup

jameshogg · Posted: Tue Mar 09, 2010 9:04 pm Post subject:

Hi jfrost,

As far as I know, a ladybird deed is a legal document using which you can transfer the property to your heirs. However, you would be able to retain a life estate along with the right to sell property in your lifetime. Thus, if your husband signs a ladybird deed and transfers the property to you and his daughter, then he would still retain the rights to sell off the property in his lifetime. On the other hand, the content of prenuptial agreement can vary from person to person. It mainly includes provisions for division of property as well as spousal support in case of divorce. Your rights as a spouse will be mentioned in the agreement.

Thanks

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