Yes, Lady Bird Deeds, also known as Enhanced Life Estate Deeds, are typically revocable during the grantor’s lifetime. This means that the individual who creates the Lady Bird Deed (the grantor) can change their mind and revoke the deed if they wish to do so. Revocation is one of the key features that distinguish a Lady Bird Deed from a traditional life estate deed.
Here’s how revocation typically works with a Lady Bird Deed:
- During the Grantor’s Lifetime: As long as the grantor is alive and competent, they have the legal authority to revoke or modify the Lady Bird Deed at any time. This means they can change the beneficiaries, alter the terms, or even transfer the property by a different method if they choose.
- Revocation Document: To revoke a Lady Bird Deed, the grantor usually needs to prepare and execute a new document that explicitly revokes the existing deed. This revocation document must meet the legal requirements of the state in which the property is located.
- Record the Revocation: Once the revocation document is executed, it should be recorded in the same county where the original Lady Bird Deed was recorded. Recording ensures that the public records accurately reflect the grantor’s intentions.
It’s important to keep in mind that the revocation process must be handled correctly to be legally effective. Consulting with an attorney experienced in real estate and estate planning is advisable if you intend to revoke a Lady Bird Deed or make any significant changes to your estate plan.
After the grantor’s death, the Lady Bird Deed typically becomes irrevocable, and the property transfers to the named beneficiaries as specified in the deed, avoiding the probate process. However, the specific legal requirements and procedures associated with Lady Bird Deeds can vary by state, so it’s essential to follow the laws and regulations of your jurisdiction and seek legal advice when dealing with these types of deeds.
