Hawaii Life Estate Deed Form Florida
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FAQ
In Florida, a property owner technically can prepare their own Lady Bird deed (also known as an Enhanced Life Estate Deed).
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.
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.
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.
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.