How to Use a Life Estate Deed in Florida

Quick Summary

• Life estate deeds allow property owners to retain control over their property during their lifetime.
• Upon the death of the life tenant, the property automatically transfers to the remainder beneficiaries.
• Life estate deeds are irrevocable without the consent of the remainder beneficiaries.

A Florida life estate deed is a legal document that allows Florida property owners to transfer their home to a beneficiary upon their death without going through probate.

Life estate deeds are an easy way to transfer property, avoid probate, and make inheritance less burdensome.

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.

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:

1. Draft the life estate deed.
2. Include all required information, such as the legal description, the name of the grantor, and the name of the beneficiary.
3. Sign the deed with two witnesses and a notary.
4. Record the deed in the county where the property is located.