Life Estate Deed Montana Form Florida
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FAQ
One of the best legal instruments available to Florida residents is the Life Estate Deed, a special type of deed that allows you to have greater flexibility and control over the future of your estate. This type of deed also allows you to avoid the probate process.
A Florida Enhanced Life Estate Deed can help avoid probate, speed up the transfer of a property upon death, maintain the ability to use the fair market value of the property at the time of death as a cost basis (lowers income taxes upon sale), and maintain Medicaid eligibility.
In Florida, a property owner technically can prepare their own Lady Bird deed (also known as an Enhanced Life Estate Deed).
Life estate interests can be created by deed, by conveyance through last will and testament or as we commonly see as the default distribution of homestead to a spouse who is not on title and choses not to elect to take a one-half ownership interest in Property within six months from the date of death of their spouse.
A: A life estate deed is an irrevocable transfer of your property to remainder beneficiaries (?remainderman?) while reserving the ownership and right of use of the property for your lifetime. This transfer avoids probate upon death while retaining ownership interest for your lifetime.