Life estate deed
One of my favorite estate planning tools is the Life Estate Deed. It is also known as an “Enhanced Life Estate Deed” or “Ladybird Deed.” Basically, this deed transfers ownership of property to someone else – but you retain ownership of the property for your life. You still get to keep your homestead exemption and protection.
Upon your death, the real estate automatically goes to your listed beneficiary or what is known as the “remainder interest,” much like listing a beneficiary on an asset. This important tool can save your estate thousands of dollars because, otherwise, the property would have to go through probate court.