Enhanced Life Estate Deed Attorney
Some people call this the probate avoiding method of the new millennium! Florida recognizes the enhanced life estate as a valid probate avoiding substitute. With this type of deed, the person conveying the interest retains an interest for life in the real estate property, and also retains the powers to sell, convey, lease, mortgage, or do anything else he/she desires with the property. Probate is avoided because the parent/person who did the original conveyance to the child retains all of the rights to do whatever they want with the real estate property while they are alive. This too is called a “life estate”, however, unlike the document mention above, there are several legal differences. With the “Enhanced Life Estate Deed,” the children, or other loved ones would be named as being entitled to a future “remainder interest” contingent upon the death of the person holding the life estate. Upon the death of the parents, the homestead passes free and clear of the decedent’s creditors’ claims so long it is given to surviving lineal descendants (blood relatives).
One must be careful when creating an “Enhanced Life Estate Deed,” or any other deed in Hollywood Florida. Using the wrong language, conveying to the wrong persons, or including or deleting legal terms could result in unintended consequences. For instance, a person cannot convey their homestead during lifetime if they have a spouse or minor children. Such an attempt to convey would be voidable. Wording of the deed is important. It is not something an office supply store or internet form will properly achieve.
Therefore, due to the tricky nature of this type of deed, you need a lawyer who is well-versed in all thingsEnhanced Life Estate Deeds. Our Hollywood FL team will review your document carefully to ensure there are not miswordings. You should never try to file this document without it being reviewed. In addition, we will provide you with excellent estate planning advice, so you can feel confident in your decisions.