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.
Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual: Explained In the realm of real estate planning, several tools and legal instruments are available that enable property owners to efficiently transfer their assets while maintaining control over them during their lifetimes. One such instrument is the Enhanced Life Estate or Lady Bird Deed. Specifically tailored for individuals in Pembroke Pines, Florida, Lady Bird Deed allows property owners to pass their property directly to a chosen beneficiary upon their death, without the need for probate. What is a Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed? A Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed, often referred to as an "enhanced life estate" or "lady bird deed," is a legal instrument that allows an individual to transfer real estate property to another individual while retaining the right to use and control the property during their lifetime. This deed variation has gained popularity due to its benefits, including avoiding probate and maintaining control over the property. How does a Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed work? A Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed is executed by the property owner, known as the "granter," who designates themselves as the "life tenant." The granter then names a beneficiary who will receive the property upon the life tenant's death. However, unlike a traditional life estate deed, a Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed grants the life tenant the ability to freely sell, mortgage, or even revoke the deed without the consent of the beneficiary. Benefits of a Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed 1. Probate Avoidance: A Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed allows the property to transfer directly to the named beneficiary upon the life tenant's death, bypassing the often lengthy and costly probate process. This expedites the property transfer and ensures a smoother transition. 2. Retaining Control: By retaining ownership rights and the ability to sell or mortgage the property, the life tenant can maintain complete control and enjoyment of the property during their lifetime. This differentiates it from traditional life estate deeds, where the life tenant's control is limited. 3. Medicaid Planning: Using a Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed can be a tool for Medicaid planning. Since the property is not considered a countable asset when determining eligibility for Medicaid benefits, the use of this deed can help protect the property from potential Medicaid estate recovery claims. Types of Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deeds While the most common Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed is the standard version, there are a few variations available: 1. Enhanced Life Estate with Power of Sale: In this version, the life tenant has the power to sell the property during their lifetime, allowing them to benefit from any proceeds generated from the sale. 2. Enhanced Life Estate with Retained Right to Income: With this variation, the life tenant retains the right to any income generated by the property, such as rental income, during their lifetime. 3. Enhanced Life Estate with Reserved Life Estate: In this scenario, the life tenant reserves a specific portion of the property for their own use and designates the remainder as the enhanced life estate portion, which will pass to the beneficiary upon their death. In summary, a Pembroke Pines Florida Enhanced Life Estate or Lady Bird Deed provides property owners with flexibility, control, and the ability to avoid probate while effectively transferring their property to a chosen beneficiary upon their death. It is crucial to consult with a qualified estate planning attorney to ensure the proper execution and understanding of the deed's terms and conditions.
