This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four individuals. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
A bird deed statement form in Florida is a legal document used to transfer property ownership while preserving the right to use and occupy the property during the owner's lifetime. Also known as an enhanced life estate deed, a bird deed allows the property owner to retain control and live on the property until their passing. The use of a bird deed can be advantageous when it comes to Medicaid planning, as transferring the property in this way can help avoid potential probate issues and preserve eligibility for government benefits. It offers a way to protect and pass on property while maintaining the homeowner's right to reside on the premises, make changes to the property, and even sell it if desired. There are two main types of bird deed statement forms in Florida: 1. Lady Bird Deed: This type of bird deed provides specific powers to the owner, allowing them to sell, mortgage, lease, or even gift the property without obtaining the consent or permission of the beneficiaries named in the deed. This flexibility makes it an attractive option for individuals who wish to maintain control over their property during their lifetime while ensuring its seamless transfer to their chosen beneficiaries upon their death. 2. Quitclaim Deed with Enhanced Life Estate: Similar to a Lady Bird Deed, this form of bird deed enables the property owner to retain control over the property, including the right to revoke or change beneficiaries during their lifetime. The use of a quitclaim deed allows for a simple transfer of ownership, with minimal warranties or guarantees as to the condition of the property. Both types of bird deed can offer significant advantages, depending on the individual's specific circumstances and objectives. It is important to consult with a qualified attorney to determine which type of bird deed best suits your needs and complies with all legal requirements in the state of Florida.
