As an Probate Attorney in Coral Springs, my firm deals with all types of deeds.
Life Estate Deeds:
With a “regular” life estate deed, the owner of the real estate makes a gift of the property to beneficiaries, called remaindermen. The owner retains a life estate in the property as long as he is alive. He is responsible for all maintenance and taxes on the property. The life tenant cannot mortgage or sell the property during his/her lifetime without the permission and “joinder” of the remaindermen. The life tenant effectively gives the property away—and unilateral control of the property—during his/her lifetime, unless the remainderman join into the transaction.
With an “enhanced” life estate or Lady Bird Deed, the owner of the part of real estate, the “life tenant and Grantor” retains complete control over the property during his/her lifetime. He/She has the right to mortgage or sell the real estate without the consent of his/her remaindermen named in the deed because they have not actually given the property to them yet. The property doesn’t transfer until the death of the life tenant. Once the life tenant passes away, the property is automatically transferred to the beneficiaries avoiding Probate.
If you would like to know more about Ladybird Deeds and how to avoid Probate, call our office today 954-334-1520. Our main office is located in Coral Springs, Florida. We offer free initial consultation, by phone or in person.