Florida Deed With Life Estate
Description
How to fill out Florida Enhanced Life Estate Or Lady Bird Deed - Two Individual / Husband And Wife To Individual?
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FAQ
If you hold the life estate your obligated to make repairs that are essential to the preservation of the property, your obligated to pay the interest on any outstanding mortgages and Property taxes.
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.
The person holding the life estate ? the life tenant ? possesses the property during his or her life. The other owner ? the remainderman ? has a current ownership interest but cannot take possession until the death of the life estate holder.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
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.