This form is an Enhanced Life Estate Deed where the Grantor is an individual and the Grantees are four individuals. Grantor conveys the property to Grantees subject to a retained enhanced life estate. Further, 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 Orange Florida Enhanced Life Estate, also known as the Lady Bird Deed or the Enhanced Life Estate Deed, is a legal instrument used in real estate transactions that allows an individual to transfer their property to four individuals while still retaining certain rights and control over the property during their lifetime. This type of deed is commonly used in estate planning to ensure a smooth transfer of property upon the granter's death, without the need for probate. It provides flexibility and benefits for both the granter and the grantees and offers several variations, including: 1. Orange Florida Enhanced Life Estate — Quitclaim Dee— - Individual to Four Individuals: This type of deed allows an individual to transfer their property to four individuals through a quitclaim deed, while retaining a life estate in the property. The granter can continue to live in or use the property during their lifetime and has the right to sell or mortgage the property without the consent of the grantees. 2. Orange Florida Enhanced Life Estate — Warranty Dee— - Individual to Four Individuals: This form of deed is similar to the quitclaim deed, but it transfers the property using a warranty deed. With a warranty deed, the granter guarantees that they have clear ownership of the property and that there are no hidden claims or liens against it. 3. Orange Florida Enhanced Life Estate — Individual to Four Individuals without Quitclaim: In this variation, the granter transfers the property to four individuals without the use of a quitclaim deed. Instead, a standard deed is used, but with the inclusion of enhanced life estate provisions, allowing the granter to retain control and benefits of the property until their death. Some essential features of the Orange Florida Enhanced Life Estate or Lady Bird Deed Quitclaimai— - Individual to Four Individuals include: — Retention of control: Thgranteror maintains the right to live in, use, and manage the property during their lifetime, including the ability to sell or mortgage it without the grantees' consent. — Avoidance of probate: Upon thgranteror's death, the property automatically passes to the four individuals named as grantees, without the need for probate court involvement. — Medicaid planning: This type of deed is often utilized in Medicaid planning, as retaining a life estate in the property can help protect it from being counted as an asset for Medicaid eligibility purposes. — Transfer on death provisions: The deed specifies that the transfer of property to the four individuals will occur only upon the granter's death, ensuring that the granter can change their mind or amend the deed if circumstances change. In summary, the Orange Florida Enhanced Life Estate, also known as the Lady Bird Deed or Enhanced Life Estate Deed, offers a convenient way to transfer property to four individuals while retaining control and benefits during the granter's lifetime. Whether it is an Enhanced Life Estate — Quitclaim or Warranty Deed, or even a simple deed without quitclaim, this legal instrument provides various options for individuals seeking to plan their estate and secure the future transfer of their property.
