This form is a Life Estate Release Deed where the Grantor is an individual life tenant and the Grantee is a Trust. Grantor conveys and releases the life estate interest to the Grantee. This deed complies with all state statutory laws.
A Life Estate Release Deed is a legal document used in Lakeland, Florida to transfer ownership of property with a retained life estate interest. This type of deed enables the current property owner, known as the life tenant, to live on and use the property until their death, at which point full ownership transfers to the remainder man. In Lakeland, Florida, there are two primary types of Life Estate Release Deeds: 1. Traditional Life Estate Release Deed: This type of deed allows the life tenant to live on the property for the duration of their life while maintaining the right to use and enjoy the property. However, the life tenant cannot sell or mortgage the property without the consent of the remainder man. 2. Enhanced Life Estate Release Deed (also known as Lady Bird Deed): This variation of the Life Estate Release Deed includes additional provisions that allow the life tenant to retain certain control over the property, such as the ability to sell or mortgage it without obtaining the remainder man's consent. This type of deed also offers potential Medicaid planning advantages, as the property can bypass probate and potentially be excluded from Medicaid estate recovery. Both types of Life Estate Release Deeds in Lakeland, Florida provide a solution for individuals wanting to control the ultimate disposition of their property while ensuring their right to use and reside on the property throughout their lifetime. These deeds essentially avoid the need for probate and seamlessly transfer ownership upon the life tenant's passing. If considering a Life Estate Release Deed in Lakeland, Florida, it is essential to consult with an experienced real estate attorney to understand the legal implications, specific requirements, and potential benefits of each type of deed.
