This form is an Enhanced Life Estate Deed where the Grantors are two individuals, or husband and wife, and the Grantees are three individuals. Grantors convey the property to Grantees subject to a retained enhanced life estates in each Grantor. Further, the Grantors each retain 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.
A Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals is a legal instrument related to real estate planning and asset transfer. In this type of deed, two married individuals own a property and wish to transfer ownership rights to three other individuals while retaining certain rights during their lifetimes. This arrangement allows the property owners to benefit from the enhanced life estate or Lady Bird deed provisions, which offer several advantages in terms of property control and asset transfer. A key feature of the Hollywood Florida Enhanced Life Estate or Lady Bird Deed is the ability for the property owners, as the granters, to retain control over the property during their lifetimes. They can continue to live on and use the property, collect any income it generates, and make any necessary modifications or repairs. This ensures that the granters maintain their rights, privileges, and responsibilities associated with homeownership. The three individuals designated as grantees in this type of deed, also known as remainder men, gain ownership rights to the property upon the death of both granters. At that point, the property automatically passes to the grantees without going through the probate process. This streamlined transfer of ownership helps to avoid delays, costs, and potential disputes associated with probate, providing a quicker and smoother transition for the grantees. One variation of the Hollywood Florida Enhanced Life Estate or Lady Bird Deed is the inclusion of a power of sale provision. With this provision, the granters have the right to sell, mortgage, or lease the property without the consent of the grantees. This added flexibility can be beneficial if the granters need to take certain actions for financial or other purposes during their lifetimes. Another variation is the use of different combinations of individuals as grantees. While the initial description mentioned three individuals as grantees, this type of deed can be customized to include any number of individuals or even organizations as grantees. This flexibility allows the property owners to decide who will benefit from the property and ensure their wishes are met. In conclusion, a Hollywood Florida Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to Three Individuals provides a strategic approach for property owners in Florida who wish to transfer ownership while retaining certain rights and avoiding the probate process. This arrangement offers advantages in terms of property control, asset transfer, and flexibility, making it an effective tool for real estate planning in the state of Florida.
