Dollars & Sense: What is a Lady Bird Deed?
What to Know:A Lady Bird Deed lets homeowners keep full control of their property during their lifetime.It allows property to pass directly to beneficiaries without probate.The unusual name has ties to former First Lady Claudia “Lady Bird” Johnson.What happens to your house when you die?I know – that’s a pretty abrupt way to start a story, but if the phrase “Lady Bird Deed” caught your attention, you’re either planning for the future, or trying to figure out why a legal document sounds like it belongs in a history book.As it turns out, Lady Bird Deeds have become a popular estate-planning tool for homeowners in a number of states, allowing them to determine in advance who will inherit their property when they die.And yes, there is a connection to former First Lady Claudia “Lady Bird” Johnson.What is a Lady Bird Deed?Officially, a Lady Bird Deed is called an Enhanced Life Estate Deed (not catchy at all is it?) – you’ll also see the term spelled out as “ladybird deed.” No matter the choi