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.
St. Petersburg Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual In St. Petersburg, Florida, an Enhanced Life Estate or Lady Bird Deed is a legal arrangement that allows individuals to transfer their property to another person while retaining certain rights and benefits during their lifetime. This type of deed is often utilized as a means of asset protection, estate planning, and avoiding probate. The Enhanced Life Estate or Lady Bird Deed allows the current property owner, known as the granter, to maintain absolute control over the property, including the ability to sell or mortgage it, during their lifetime. However, upon their passing, the property seamlessly transfers to the named beneficiary, known as the remainder man, without the need for probate proceedings. This type of deed offers several advantages. Firstly, it allows the granter to reside in the property and enjoy all the benefits of homeownership for the duration of their life. The granter also has the ability to change the beneficiary or revoke the deed altogether at any point during their lifetime, providing flexibility and control. Additionally, the Enhanced Life Estate or Lady Bird Deed helps to avoid probate, a time-consuming and potentially costly legal process. By bypassing probate, the transfer of the property to the remainder man occurs automatically upon the granter's death. This saves both time and money for the beneficiaries. It is important to note that there are different variations of the Enhanced Life Estate or Lady Bird Deed in St. Petersburg, Florida. These variations include: 1. Enhanced Life Estate Deed: This type of deed allows the granter to retain specific rights and benefits throughout their lifetime, such as the right to live in the property, receive rental income, or make improvements. 2. Lady Bird Deed: Named after Lady Bird Johnson, the wife of President Lyndon B. Johnson, this type of deed is a variation of the Enhanced Life Estate Deed. Among its unique features is the ability for the granter to retain complete control over the property, including the power to sell or mortgage it, without the consent of the remainder man. 3. Individual to Individual Deed: This refers to the specific nature of the transfer, where the granter is an individual and the beneficiary or remainder man is another individual. It distinguishes this type of deed from other variations where the granter may transfer the property to entities such as trusts or charities. In conclusion, the St. Petersburg Florida Enhanced Life Estate or Lady Bird Deed — Individual to Individual provides individuals with a flexible and effective tool for estate planning and asset protection. With the ability to retain control over the property during their lifetime and avoid probate, this deed offers numerous benefits to both granters and beneficiaries.
