Florida Affidavit As to Termination of Life Estate Created by Deed / Assignment
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FAQ
A Florida enhanced life estate deed is revocable. In other words, the property owner can decide to deed the property back to themselves or to transfer the property to a third party, which effectively cancels out the lady bird deed and divests the remainderman of their interest.
Each life tenant has the right to live in the property (rent-free) until his or her death. Following the death of the last life tenant, the property automatically transfers to the remaindermen. Following the transfer, the remaindermen become the full owners of the property, not subject to any life estate.
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).
The Enhanced Life Estate Deed enables a Florida real estate property owner to maintain their homestead exemption (both creditor and tax) if homestead protections apply ? even though the grantor holds a life estate during their lifetime. It's automatic.
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).
Cons of a Life Estate Deed Lack of control for the owner. ... Property taxes, which remain for the life tenant until their death. ... It's tough to reverse. ... The owner is still vulnerable to any debt actions that may be brought against the future beneficiary or remainderman.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.
