This form is an Enhanced Life Estate Deed where the Grantor is an Individual and the Grantee is an individual. Grantor conveys the property to Grantee subject to a retained life estate. Further, the Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Florida Enhanced Life Estate or Lady Bird Deed - Individual to Individual
State:
Florida
Control #:
FL-026-78
Format:
Word;
Rich Text
Instant download
Description Florida Lady Fl
Free preview Fl Lady Deed Form Florida
How to fill out Enhanced Life Lady Print?
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Enhanced Life Estate Other Form Names
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Fl Enhanced Estate Purchase FAQ
The Florida enhanced life estate deed allows the estate holder to convey or mortgage the property without approval of the remainderman. This gives the property owner of the life estate flexibility during the owner's life.
A Lady Bird Deed (LBD) is a deed which in which the grantor retains a life estate and makes an inter vivos transfer of the remainder interest while also retaining the ability to revoke or alter the deed without consent of the remainder beneficiary.
A Lady Bird deed avoids probate, so the home is not part of the probate estate and Medicaid cannot go after it.
This right to rescind is what distinguishes a Lady Bird Deed from a standard Life Estate Deed.A properly written, signed and filed Enhanced Life Estate Deed does supersede the terms of the owner's Will, so long as the grantor has not exercised the retained right to reclaim ownership while living.
A lady bird deed is an estate planning tool that enables a Medicaid beneficiary to protect their home as an inheritance from their state's Medicaid Estate Recovery Program. A lady bird (ladybird) deed (also called an enhanced life estate deed, lady bird trust or a transfer on death deed) is a type of life estate deed.
It only applies to residential properties and must be promptly recorded after it is notarized. This document is exempt from documentary transfer tax under Rev. & Tax. Code §11930.
Lady bird deeds differ from traditional life estate deeds in that the life tenant continues to have the right to sell or mortgage his / her home without beneficiary consent. In fact, the life tenant is even able to cancel the deed or change the beneficiary.