What is a Deed?
A deed is a document that conveys an interest in real estate or real property to another person or entity.
There are several types of deeds commonly used in estate planning, including Special Warranty Deeds, Transfer on Death Deeds and Enhanced Life Estate Deeds (more commonly known as Ladybird Deeds). These deeds can be used to avoid probate or even avoid Medicaid Estate Recovery when used properly.
There are always consequences to consider before executing a deed, however. There can be disastrous consequences for gifting or selling property for less than fair market value, or conveying property to someone when the original owner intends to maintain control or ownership of the property. Some of these consequences include broken agreements that may be difficult, expensive, or impossible to enforce, loss of tax exemptions, loss of homestead exemptions/rights, loss of eligibility for government benefits, unintended liability, problems with insurance coverage, and loss of protection against creditors and bankruptcy.
Estate planning isn’t the only time people might find themselves in the need of a deed. Any time there is a divorce or other separation of co-owners of property, it is important to execute a deed effecting the agreed transfer of title. This isn’t always done as part of divorce proceedings, but title companies and banks generally require an actual deed, regardless of what the divorce decree says.
How much do they cost?
Typical pricing for our documents can be found [here]. Most deeds are charged at a flat fee. Discounted rates may apply when preparing multiple deeds.