An enhanced life estate deed is a special type of deed recognized by common law in three states: Florida, Michigan and Texas. Also called a "Lady Bird" deed, it can be used to transfer ownership of real estate outside of probate to a beneficiary named in the deed. The Florida lawyer who created the deed arbitrarily named it after President Johnson’s wife.
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Some lawyers call these “enhanced life estate” deeds. Technically speaking, a Lady Bird Deed sets up a type of ownership in which the original owner retains a life estate coupled with an “unlimited power of appointment.” The deed then specifies who will become the owner of the property upon death.
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5. Enhanced Life Estate Deed. With an Enhanced Life Estate Deed, you could transfer the remainder to your child or to a revocable living trust that would permit greater control of the property after your death. The Enhanced Life Estate Deed is a specially designed instrument that is only available in a few states, including Florida.
Florida Enhanced Life Estate Deed Quit Claim Ladybird Deed. This enhanced life estate deed is a document that transfers ownership of real property, while reserving full access to the property for the duration of the grantor’s life.
A "Lady Bird Deed" (or more accurately called an "Enhanced Life-Estate Deed") is a type of deed which provides the grantor–i.e. the real estate property owner–with certain rights during life, with the remaining interest going to a named grantee at the grantor’s death.
such as a living trust or lady bird deed, might do the trick. You stated that your mother has dementia, and if she is no longer of sound mind she will not be able to sign any documents to assist with.
The Lady Bird Deed is an enhanced life estate deed because it offers the automatic transfer of property at death while providing the life tenant the ability to retain control over the property. Benefits Of Estate Planning In The Sunshine State. Florida is one of the just three states to allow this (along with Michigan and Texas.)
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