This form is an Enhanced Life Estate Deed where the Grantors are two individuals, or husband and wife, and the Grantees are four individuals. Grantors convey the property to Grantees subject to retained enhanced life estates. 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.
Orange Florida Enhanced Life Estate or Lady Bird Deed Quitclaimai— - Two Individuals / Husband and Wife to Four Individuals In Orange, Florida, an Enhanced Life Estate or Lady Bird Deed is a legal tool that allows two individuals, typically a husband and wife, to transfer their property to four individuals while retaining certain rights and control over the property during their lifetime. Also known as a "Lady Bird Deed" or "Enhanced Life Estate Deed," this type of quitclaim deed provides several benefits and flexibility for estate planning purposes. Key features of an Orange Florida Enhanced Life Estate or Lady Bird Deed: 1. Retention of Control: With an Enhanced Life Estate Deed, the original property owners (husband and wife) retain full control and rights to the property during their lifetime. They can live in and use the property as they wish, including selling or mortgage the property without the consent of the additional four individuals, who are referred to as "remainder beneficiaries." 2. Avoidance of Probate: One of the main advantages of this type of deed is that it allows the property to pass directly to the remainder beneficiaries upon the death of the original owners, bypassing the probate process. This can save time and money for the beneficiaries, as probate can be a lengthy and costly process. 3. Medicaid Planning: The Enhanced Life Estate Deed can also be a valuable tool for Medicaid planning. By transferring the property using this deed, the original owners can potentially protect the property from being subject to Medicaid recovery or liens. 4. Flexibility for Original Owners: The Enhanced Life Estate Deed provides the flexibility for the original owners to modify or revoke the deed if circumstances change. They can sell or mortgage the property without requiring the consent of the remainder beneficiaries or alter their shares in the property. Types of Orange Florida Enhanced Life Estate or Lady Bird Deeds: 1. Basic Enhanced Life Estate or Lady Bird Deed: This is the most common type, where the property is transferred from two individuals (husband and wife) to four additional individuals as remainder beneficiaries. 2. Enhanced Life Estate or Lady Bird Deed with Specific Conditions: In some cases, the original owners may want to place specific conditions on the transfer of the property. For example, they may stipulate that one of the remainder beneficiaries receives the property only if they complete their college education. 3. Enhanced Life Estate or Lady Bird Deed with Reserved Powers: Original owners can choose to reserve certain powers or rights in the deed. These reserved powers could include the ability to sell, lease, or mortgage the property without the consent of the remainder beneficiaries. In conclusion, the Orange Florida Enhanced Life Estate or Lady Bird Deed Quitclaimai— - Two Individuals / Husband and Wife to Four Individuals provides a unique estate planning option for couples looking to pass on their property while still maintaining control and flexibility during their lifetime. This type of deed can help avoid probate, protect the property from Medicaid recovery, and provide options for modifying or revoking the deed if needed.
