Benefits of an Enhanced Life Estate Deed

Experiencing the end of life of a loved one is an extremely difficult process. Unfortunately, the process doesn’t end with the final farewells. In fact, it’s almost cruel how much family members must contend with while still feeling such raw emotions. The State of Florida does provide some easement when legal documents have been properly prepared. An Enhanced Life Estate Deed, also known as a Lady Bird Deed, can simplify the process of transferring real property. By executing such a document, you can avoid probate court, qualify for the Florida Homestead exemption, maintain Medicaid eligibility, and reserve powers to yourself.

A traditional life estate deed is an irrevocable transfer of your property to remainderman (your beneficiaries) while reserving ownership and the right to use the property during your lifetime. While it will avoid probate upon your death, the problem is that once your name the remainderman they can not be changed. Relationships can be tricky and you want to reserve your right to change the remainderman if you should change your mind about to whom you’d like to gift your property.  This is where the enhanced life estate deed can be beneficial. 

An enhanced life estate deed will transfer the property to a grantee while you reserve the right to live on the property for the remainder of your life. It provides the flexibility for the grantor to have a change of mind about the remainderman as well as be able to sell or mortgage the property and basically do as they please during their lifetime. It is only upon your death that the grantee receives full ownership of the property.

Additional benefits of an enhanced life estate deed are the following:

• With a properly executed enhanced life estate deed, the transfer to the named remainderman automatically takes place upon death of the grantee.
• An enhanced life estate deed is an inexpensive option to transfer real property.
• The remainderman are protected against creditors during the grantee’s lifetime.
• As of January 2020, enhanced life estate deeds may be signed remotely.

We can’t take away the pain of losing a loved one, but we can provide guidance and help prepare so that when the day comes the process is as easy as possible for the surviving family. The Law Office of Pamela J Helton will be honored to assist you with your estate planning. Please call us at 352-243-9991 to schedule an appointment with one of our attorneys.