There are several types of deeds commonly used in estate planning, including 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.
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 breakup 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.