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.
The St. Petersburg Florida Enhanced Life Estate or Lady Bird Deed is a legal document that allows two individuals — usually a husbanWiFiif— - to transfer their property to three individuals while retaining full control and use of the property during their lifetime. This unique estate planning tool provides various benefits and flexibility for estate planning purposes. With the St. Petersburg Florida Enhanced Life Estate or Lady Bird Deed, the granting individuals convey their property to the three individuals (grantees), who become the remainder beneficiaries. However, the granting individuals retain the right to use, live in, and control the property for the rest of their lives. This means they can sell, mortgage, or even revoke the deed entirely without the consent of the remainder beneficiaries. This type of deed is beneficial for both the granters and the remainder beneficiaries. The granters can avoid probate upon their passing, as the property transfers automatically to the remainder beneficiaries, thereby saving time and money. Additionally, the granters can qualify for certain government benefits, such as Medicaid, while still maintaining their property rights. For the remainder beneficiaries, the Enhanced Life Estate or Lady Bird Deed provides a guarantee of inheritance without the need to go through probate or deal with the complexities of traditional estate planning. The property is transferred directly to them upon the passing of the granters, ensuring a seamless transition of ownership. It's important to note that while the St. Petersburg Florida Enhanced Life Estate or Lady Bird Deed is generally the same, there may be variations in the specific terms and conditions. Some different types or variations may include: 1. Enhanced Life Estate Deed: This version of the Lady Bird Deed provides additional protections and benefits to the granters, such as the ability to change beneficiaries or add restrictions on the use and transfer of the property. 2. Husband and Wife Joint Tenancy with Enhanced Life Estate Deed: This type of deed is specifically designed for married couples who wish to transfer their property to their children or designated grantees while still retaining control and rights to the property. 3. Limited Warranty Deed with Enhanced Life Estate: This variation encompasses the benefits of an Enhanced Life Estate or Lady Bird Deed while providing limited warranties to the granters regarding the title and condition of the property. In conclusion, the St. Petersburg Florida Enhanced Life Estate or Lady Bird Deed is a valuable estate planning tool that allows married couples to transfer their property to three individuals while maintaining control throughout their lifetime. It offers conveniences, cost savings, and peace of mind for all parties involved.
