A Florida life estate deed is a legal document that allows you to own and control real property for the duration of your life. The property automatically passes to someone else upon your death. A life estate deed bypasses probate because the transfer happens immediately upon the property owner’s death.
A life estate deed is different than a lady bird deed. While a lady bird deed is revocable, a life estate deed cannot be sold or changed without the consent of the remainder interest.
In Florida, life estate deeds are used primarily as a way to avoid probate. However, most people prefer using a lady bird deed because a lady bird deed gives the owner more control. You can also change your mind about who will inherit the property with a lady bird deed.
Life estate deeds are sometimes used by property developers in Florida with long-term plans for real estate development. The developer will pay the current owner a sum of money and allow the current owner to retain a life estate in the property, naming the developer as the remainder interest. In this way, the current owner gets to stay in the property during their lifetime while still enjoying payment for the property.
We prepare deeds for clients throughout Florida.
We charge a flat fee for a consultation and preparation of your lady bird deed. Our attorneys can do everything remotely by phone or Zoom.
Requirements for Life Estate Deeds
A Florida life estate deed must include legal terminology that separates ownership into the life estate and the remainder interest. The life estate holder owns and controls the property during their lifetime. The remainder interest is the right to own and control the property upon the death of the life estate holder.
With a life estate deed, you must get the consent of the remainder interest holder to sell, mortgage, or transfer the property.
How to Set Up a Life Estate Death in Florida
Creating a life estate deed requires the property owner to (1) draft the deed with the property’s full legal description, (2) designate who will receive the property upon the death of the owner, (3) sign the deed with two witnesses and a notary, and (4) record the deed in the official records of the county where the property is located.
About the Author
Gideon Alper is an attorney who specializes in asset protection planning. He graduated with honors from Emory University Law School and has been practicing law for almost 15 years.
Gideon and the Alper Law firm have advised thousands of clients about how to protect their assets from creditors.
