A beneficiary deed is a another type of real property deed used to transfer property. By signing and recording a beneficiary deed, an owner of an interest in real property may cause the owner's interest in the real property to be conveyed to people or entities upon the owner's death. The interest in real property conveyed by a beneficiary deed does not take effect until the death of the owner, at which time that interest transfers automatically by law to the designated grantee named in the beneficiary deed.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Transfer on Death Deed (TODD) is a legal document used in the state of Florida that allows a property owner to designate who will inherit their real estate upon their death, without the need for probate. This deed is also known as a Lady Bird Deed or an Enhanced Life Estate Deed. In Florida, there are two main types of TODD forms: the basic TODD and the Enhanced Life Estate Deed (ELD). Both forms essentially serve the same purpose of transferring property upon the owner's death, but they differ in certain aspects. The basic TODD form allows a property owner (the granter) to name a specific beneficiary (the grantee) who will become the new owner of the property after the granter's death, bypassing the probate process. This form enables the granter to retain full control and ownership of the property during their lifetime and only transfers ownership upon death. On the other hand, the Enhanced Life Estate Deed (ELD) provides even greater flexibility for the granter. With an ELD, the granter retains enhanced control over the property during their lifetime, including the ability to sell, lease, or mortgage the property without needing permission from the designated beneficiary. This ensures that the granter can continue to benefit from the property while assigning the inheritable rights to the beneficiary. By utilizing a TODD form in Florida, property owners gain peace of mind by avoiding probate, which can be time-consuming and costly. Additionally, it allows the smooth transfer of the property to the designated beneficiary, with minimal legal formalities. In summary, a Transfer on Death Deed form for Florida, also known as a Lady Bird Deed or Enhanced Life Estate Deed, is a legal document that enables property owners to transfer real estate to designated beneficiaries upon their death, avoiding probate. The two main types of forms are the basic TODD and the Enhanced Life Estate Deed (ELD), with the latter granting the granter greater control and flexibility over the property during their lifetime.
