A life estate deed is a legal document that grants an individual the right to use and occupy a property for their lifetime, while also naming who will inherit the property after their death. It allows the life tenant to live in or benefit from the property until they die, at which point ownership automatically transfers to the designated remainderman without going through probate.
What Is a Life Estate Deed?
A life estate deed allows you to transfer real property to someone else upon your death. During your lifetime, you get to reside in the property. After you die, the property automatically passes to a predetermined beneficiary.
One of the primary advantages of a life estate deed is that it bypasses probate, which can be expensive and time-consuming for the beneficiaries.
When a life estate deed is executed, the grantor (the current property owner) transfers the property to the life tenant with the stipulation that, upon the life tenant’s death, the property will pass to the remainderman. This transfer happens automatically.
A life estate deed is irrevocable unless all parties (the life tenant and remainderman) agree to a change. The grantor cannot unilaterally change the terms or revoke the deed.
We prepare deeds for clients throughout Florida.
We charge a flat fee for a consultation and preparation of your lady bird deed. Our attorneys can do everything remotely by phone or Zoom.
Requirements
A life estate deed in Florida requires a written deed that clearly states the intent to create a life estate, naming the life tenant who will have the right to use the property during their lifetime and the remainderman who will receive the property after the life tenant’s death.
What Makes a Life Estate Deed Valid?
To be valid, a life estate deed must be properly executed, which means it must be signed, witnessed, and notarized. It must then be recorded in the country where the property is located.
With a life estate deed, the owner must get the beneficiary’s consent before selling, transferring, or encumbering real property. However, with an enhanced life estate deed, also known as a lady bird deed, the owner can freely transfer real property without needing the beneficiary’s consent.
A life estate deed is irrevocable, while a lady bird deed is revocable. With a life estate deed, you can’t change your mind or revoke the deed.
How to Set Up a Life Estate Death in Florida
Here are the steps to creating a transfer on death deed in Florida:
- Draft the life estate deed.
- Include all required information, such as the legal description, the name of the grantor, and the name of the beneficiary.
- Sign the deed with two witnesses and a notary.
- Record the deed in the county where the property is located.
