Fl Estate Deed Individual For Life
Description
How to fill out Florida Enhanced Life Estate Or Lady Bird Deed - Individual To Two Individuals / Husband And Wife?
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FAQ
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.
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 life estate is a right to live in the property until your death. When you pass away, the real property passes to your beneficiaries designated in the lady bird deed, called the remaindermen.
The Florida Enhanced Life Estate Deed is a great estate planning tool because it allows a person to qualify for Medicaid and keep the homestead. Often using a regular life estate deed can disqualify a person from long-term government assistance.
The main drawback to the Life Estate Deed is that once it is executed, you only have the right to live on the property: you cannot mortgage, lease, rent, or sell the property unless you obtain the consent of the remaindermen (i.e., the future interest holder).