This form is an Enhanced Life Estate Deed where the Grantors are two individuals or husband and wife and the Grantees are two individuals or husband and wife. Grantors convey the property to Grantees subject to a retained enhanced life estate. Further, the Grantors 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 Hollywood Florida Enhanced Life Estate, also known as the Lady Bird Deed, is a type of Quitclaim Deed that allows for the transfer of property between two individuals or a husband and wife to two individuals or a husband and wife. This unique type of deed offers several advantages and provisions that set it apart from traditional transfer methods. The main objective of the Hollywood Florida Enhanced Life Estate or Lady Bird Deed is to provide the granter with the ability to retain control and ownership of the property during their lifetime while ensuring a smooth transfer of ownership upon their passing, without the need for probate. This type of deed is especially beneficial for those who wish to protect their property rights and avoid the lengthy and expensive probate process. Key features and benefits of the Hollywood Florida Enhanced Life Estate or Lady Bird Deed include: 1. Retained Rights: The granter can maintain control and use of the property, including the ability to sell, mortgage, or lease it during their lifetime, without needing the permission of the remainder beneficiaries. 2. Avoidance of Probate: Upon the granter's passing, the property automatically passes to the designated beneficiaries, without the need for court involvement or probate proceedings. This can save significant time and cost for the beneficiaries. 3. Medicaid Planning: The Hollywood Florida Enhanced Life Estate or Lady Bird Deed allows individuals to transfer their property and still maintain eligibility for Medicaid benefits since the property does not technically constitute an asset for Medicaid purposes. 4. Flexibility in Naming Beneficiaries: This type of deed provides flexibility in designating beneficiaries. Besides naming specific individuals, the granter can also designate contingent beneficiaries or even charitable organizations. Different variations of the Hollywood Florida Enhanced Life Estate or Lady Bird Deed may include: 1. Joint Tenancy with Right of Survivorship: This type of deed grants full ownership rights to both individuals or the husband and wife during their lifetimes, and upon their passing, the property automatically passes to the surviving joint tenant(s). However, this version lacks the retained rights and Medicaid planning benefits offered by the Lady Bird Deed. 2. Tenants in Common: This type of deed allows for the property to be owned by two or more individuals or a husband and wife, with each person having a separate and divisible interest in the property. In the event of a tenant's passing, their interest can be transferred according to their will or intestate succession laws. In conclusion, the Hollywood Florida Enhanced Life Estate or Lady Bird Deed Quitclaimai— - Two Individuals or Husband and Wife to Two Individuals or Husband and Wife is an effective and strategic property transfer method that provides the granter with retained rights, probate avoidance, and potential Medicaid planning benefits. Different variations such as joint tenancy or tenants in common may offer different ownership structures and transfer mechanisms.
