If you do a lady bird deed to avoid probate on your home, can you later sell the property

Jim: Good morning. I have a question about a lady bird deed.

Attorney Tom Olsen: All right.

Jim: We have a rental house. If we put a lady bird deed on that, we're like in our 70s. If somehow or another we wanted it to go to our kids, if we needed money, could we sell that house even though there's a lady bird deed on it?

Host 1: Yes, Jim, that's a great question. First of all, a ladybird deed is also known as an enhanced life estate deed. It is a tool to avoid probate on real estate. It could be your home, your rental property or vacation home, vacant lot, commercial building. It can be used even if you've got a mortgage on the property. Jim, the beauty of the ladybird deed is that as long as you or your wife are alive, you retain complete control over that piece of property. You've done a ladybird deed today. If six months from now you want to sell it, you want to refinance it, you want to change who gets it, when you pass away, then you are free to do so.

Attorney Chris Merrill: Yes.

Jim: Thank you very much.

Tom: All right. That's a great question for Jim. A lot of people have that on mind. A ladybird deed-

Lady: We got another caller Gary.

Tom: -is a great tool to avoid probate on real estate and maintain complete control over your piece of property. That's what people want. Thank you, Jim.

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