This form is an Enhanced Life Estate Deed where the Grantor is an Individual and the Grantees are two individuals or husband and wife. Grantor conveys the property to Grantees subject to a retained enhanced life estate. The Grantor retains for life the right to sell, encumber, mortgage or otherwise impair the interest Grantees 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.
The Lakeland Florida Enhanced Life Estate, also known as the Lady Bird Deed, is a legal instrument that allows an individual to transfer real property to two individuals, specifically a husband and wife, while retaining control and use of the property during their lifetime. This type of deed provides several benefits and features that make it a popular estate planning tool in the state of Florida. One of the main advantages of the Lakeland Florida Enhanced Life Estate or Lady Bird Deed is that it allows the individual (also known as the granter) to retain the right to live in and use the property while they are alive. This means they can continue to enjoy the benefits and income generated by the property, such as renting it out or living in it, without any interruption. Another significant feature of this type of deed is that it avoids the need for probate. Upon the death of the granter, the property automatically transfers to the named individuals (the grantees), without going through the probate process. This can save time and money for the beneficiaries. Moreover, the Lakeland Florida Enhanced Life Estate or Lady Bird Deed grants the granter the ability to change their mind and revoke the deed at any point during their lifetime. They have the flexibility to sell, mortgage, or even give away the property without seeking the consent of the grantees. There are a few variations of the Lakeland Florida Enhanced Life Estate or Lady Bird Deed that can be used based on specific circumstances: 1. Lady Bird Deed — Individual to Two Individuals / Husband and Wife: This is the standard version of the deed, where an individual transfers property to a married couple as joint grantees. The individual retains control and use of the property during their lifetime. 2. Lady Bird Deed — Individual to Two Individuals / Husband and Wife with Remainder Interest: In this variation, the individual retains a remainder interest in the property, meaning that they retain the right to live in and use the property for the rest of their life or until they transfer the property through another deed. Upon their death, the property automatically passes to the grantees as joint tenants with rights of survivorship. 3. Lady Bird Deed — Individual to Two Individuals / Husband and Wife with Power of Appointment: This version grants the individual the power to appoint someone else as the ultimate beneficiary of the property after their death. They can name alternative beneficiaries if the original grantees predecease them. This provides additional flexibility in estate planning. In conclusion, the Lakeland Florida Enhanced Life Estate or Lady Bird Deed offers unique advantages and options for individuals looking to transfer property to a married couple while maintaining control and use during their lifetime. It is a valuable tool in estate planning, providing benefits such as probate avoidance and flexibility in transferring or changing ownership of the property.The Lakeland Florida Enhanced Life Estate, also known as the Lady Bird Deed, is a legal instrument that allows an individual to transfer real property to two individuals, specifically a husband and wife, while retaining control and use of the property during their lifetime. This type of deed provides several benefits and features that make it a popular estate planning tool in the state of Florida. One of the main advantages of the Lakeland Florida Enhanced Life Estate or Lady Bird Deed is that it allows the individual (also known as the granter) to retain the right to live in and use the property while they are alive. This means they can continue to enjoy the benefits and income generated by the property, such as renting it out or living in it, without any interruption. Another significant feature of this type of deed is that it avoids the need for probate. Upon the death of the granter, the property automatically transfers to the named individuals (the grantees), without going through the probate process. This can save time and money for the beneficiaries. Moreover, the Lakeland Florida Enhanced Life Estate or Lady Bird Deed grants the granter the ability to change their mind and revoke the deed at any point during their lifetime. They have the flexibility to sell, mortgage, or even give away the property without seeking the consent of the grantees. There are a few variations of the Lakeland Florida Enhanced Life Estate or Lady Bird Deed that can be used based on specific circumstances: 1. Lady Bird Deed — Individual to Two Individuals / Husband and Wife: This is the standard version of the deed, where an individual transfers property to a married couple as joint grantees. The individual retains control and use of the property during their lifetime. 2. Lady Bird Deed — Individual to Two Individuals / Husband and Wife with Remainder Interest: In this variation, the individual retains a remainder interest in the property, meaning that they retain the right to live in and use the property for the rest of their life or until they transfer the property through another deed. Upon their death, the property automatically passes to the grantees as joint tenants with rights of survivorship. 3. Lady Bird Deed — Individual to Two Individuals / Husband and Wife with Power of Appointment: This version grants the individual the power to appoint someone else as the ultimate beneficiary of the property after their death. They can name alternative beneficiaries if the original grantees predecease them. This provides additional flexibility in estate planning. In conclusion, the Lakeland Florida Enhanced Life Estate or Lady Bird Deed offers unique advantages and options for individuals looking to transfer property to a married couple while maintaining control and use during their lifetime. It is a valuable tool in estate planning, providing benefits such as probate avoidance and flexibility in transferring or changing ownership of the property.
