In this article, you will learn…
- What a ladybird deed is,
- How a ladybird deed can be used, and
- How the ladybird deed passes down through descendants.
What Is A Ladybird Deed? Why Is It Called A Ladybird Deed?
No one really knows where the name Ladybird Deed comes from, but there’s a rumor and hearsay that Lyndon Johnson used these types of deeds to transfer his property to his wife, Ladybird Johnson.
A ladybird deed is a deed that gives your spouse or children full title of your property while, at the same time, reserving full ownership of that property. This is so that the property will transfer to your spouse or children in the event of your death without the need for probate.
The Ladybird Deed Can Be Used For Both Your Children And Your Spouse Or Just Your Spouse?
The ladybird deed can be used for both your children and your spouse. You can indicate that if your spouse predeceased you, your property will go to your children. You are then protected at two levels. As long as the ladybird deed is on file, your children will get full interest in the property immediately upon the death of both parents. What makes the ladybird deed even better is that you can file a new one whenever you change your mind.
If The Ladybird Deed Goes Down To Your Daughters, Does It Also Go 50, 50? That Every Daughter Of Yours Passes Away First How Does It Go? Does It Divide The Inheritance In A Particular Way?
If one of your daughters passes before you do and she has children, then her half would go to her children. If she doesn’t have children, the whole house would go to the living daughter.
So The Same Arrangement With You And Your Wife Goes Down To All Your Descendants?
For more information on Ladybird Deed In The State Of Texas, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (281) 843-9723 today.