Florida Mortgage Deed With Life Estate
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How to fill out Florida Mortgage Deed From Individual?
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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.
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.
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 form of joint homeownership. Ownership is shared between a life tenant and a so-called "remainderman." As the name suggests, the remainderman has an ownership interest but cannot take possession until the life tenant's death.
The life tenant cannot sell or mortgage the property without the agreement of the remaindermen. If the property is sold, the proceeds are divided up between the life tenant and the remaindermen.