Revocable Deeds, Enhanced Life Estate Deeds, and Lady Bird Deeds.  No matter by what name they are known, this type of estate plan allows a homeowner to “deed” or give their home to their children, known as the “remainder owners,” without the need, expense, and delay of going through Probate Court.  It also bestows certain rights on the homeowner, such as the right to live in the home until death, and the right to sell the home, in which case the children named in the life estate deed would not inherit the home.

Why all the different names for the same thing?  Well, that’s the beauty of having 50 states.  Each state can call it what they wish.  In California, the law calls this entity a Revocable Deed.  Other states use the term Enhanced Life Estate Deed, or Lady Bird Deed.  Interestingly, the  Lady Bird Deed derived its name from President Lyndon Johnson’s wife.  Though her given name was Claudia, most of us know the First Lady by her nickname, Lady Bird.

A there is also a traditional, non-enhanced Life Estate Deed; the main distinction between it an an enhanced life estate deed is that once the home has been deeded over to the owner’s children, the owner no longer has the right to sell the home without the permission of the children or beneficiaries.

Transfers and deeds such as these fall within the scope of my work as an estate planning attorney.  Let’s talk.  I can help you determine which real estate instruments would be the most beneficial additions to your plan for the future.  To begin a dialogue, or update any existing estate plans, feel free to call me at 818.956.9200.

Glendale Location

616 E. Glenoaks Boulevard, Suite 203

Glendale, CA 91207

Sherman Oaks Location

15303 Ventura Boulevard, Suite 900

Sherman Oaks, CA 91403