This form is an Enhanced Life Estate Deed where the Grantors are two individuals or husband and wife and the Grantee is an individual. Grantors convey the property to Grantee subject to a retained enhanced life estate. Further, the Grantors retain for life 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.
A Gainesville Florida Enhanced Life Estate or Lady Bird Deed is a legal instrument that allows two individuals (usually a husband and wife) to transfer their real property to another individual while retaining a life estate for themselves. This type of deed is commonly used as an estate planning tool to avoid probate and maintain control over the property during the lifetime of the granters. In Gainesville, Florida, there are different types of Enhanced Life Estate or Lady Bird Deeds available for two individuals or a husband and wife to transfer their property. These include: 1. Joint and Survivorship Lady Bird Deed: This type of deed allows the granters (husband and wife) to retain a joint life estate, meaning they both have the right to possess and enjoy the property during their lifetimes. Upon the death of the first granter, the survivor automatically becomes the sole owner of the property, without the need for probate. 2. Tenants in Common Lady Bird Deed: With this deed, the property is transferred to an individual while the granters retain a life estate as tenants in common. This means that each granter owns a separate share of the property, which can be passed on to their heirs upon their death. Unlike joint tenancy, the share of the deceased granter does not automatically pass to the surviving granter. 3. Diversionary Lady Bird Deed: In this type of deed, the granters transfer the property to an individual while retaining a life estate. However, instead of the remainder interest passing to the grantee upon the death of the granter, it reverts to the granter or their estate. This type of deed provides more flexibility for the granter to modify the terms of the transfer. By utilizing a Gainesville Florida Enhanced Life Estate or Lady Bird Deed, individuals can ensure that their property is efficiently transferred to a designated person or beneficiary after their death, without the need for probate proceedings. It also allows them to retain control and benefits of the property during their lifetime, providing added protection and peace of mind for all parties involved.A Gainesville Florida Enhanced Life Estate or Lady Bird Deed is a legal instrument that allows two individuals (usually a husband and wife) to transfer their real property to another individual while retaining a life estate for themselves. This type of deed is commonly used as an estate planning tool to avoid probate and maintain control over the property during the lifetime of the granters. In Gainesville, Florida, there are different types of Enhanced Life Estate or Lady Bird Deeds available for two individuals or a husband and wife to transfer their property. These include: 1. Joint and Survivorship Lady Bird Deed: This type of deed allows the granters (husband and wife) to retain a joint life estate, meaning they both have the right to possess and enjoy the property during their lifetimes. Upon the death of the first granter, the survivor automatically becomes the sole owner of the property, without the need for probate. 2. Tenants in Common Lady Bird Deed: With this deed, the property is transferred to an individual while the granters retain a life estate as tenants in common. This means that each granter owns a separate share of the property, which can be passed on to their heirs upon their death. Unlike joint tenancy, the share of the deceased granter does not automatically pass to the surviving granter. 3. Diversionary Lady Bird Deed: In this type of deed, the granters transfer the property to an individual while retaining a life estate. However, instead of the remainder interest passing to the grantee upon the death of the granter, it reverts to the granter or their estate. This type of deed provides more flexibility for the granter to modify the terms of the transfer. By utilizing a Gainesville Florida Enhanced Life Estate or Lady Bird Deed, individuals can ensure that their property is efficiently transferred to a designated person or beneficiary after their death, without the need for probate proceedings. It also allows them to retain control and benefits of the property during their lifetime, providing added protection and peace of mind for all parties involved.
