Bolster Your Estate Plan With An Enhanced Life Estate Deed
An enhanced life estate deed, often referred to as a “Lady Bird Deed,” is a form of property deed that lets owners keep control over an asset while alive while still designating the property to a beneficiary (or remainderman) upon their passing. These deeds are different from standard ones because they retain ownership until death instead of transferring immediately. This means the grantor can sell, mortgage or otherwise manage the property without needing the consent of the remainderman. Upon the grantor’s death, the property automatically transfers to the named beneficiary, bypassing probate and ensuring a smooth transition.
At C.J. Hilliard Law, P.A., we can help you secure an enhanced life estate deed so that you can enjoy your property with peace of mind, knowing that your loved ones will inherit your property upon your passing. There are plenty of benefits that these deeds can offer and our Florida lawyer is here to help you build an estate plan you can count on.
Benefits Of An Enhanced Life Estate Deed
An enhanced life estate deed offers several benefits that make it a valuable tool in your estate plan. One major advantage includes the chance of avoiding probate, which often costs beneficiaries a considerable amount of time and money to resolve. With the automatic transfer upon your passing, your loved ones will be able to focus on other matters instead of how to transfer ownership of your property.
The next benefit of this kind of deed is the retention of control. Because you will still maintain the right to live in, sell, mortgage or otherwise manage the property without interference, you do not need to work about suddenly losing your property because you prematurely passed the asset on.
Can Everyone Have An Enhanced Life Estate Deed?
While an enhanced life estate deed can be useful for an estate plan, it is not suitable for everyone. The eligibility and appropriateness of this type of deed can depend on the goals of the principal and any unique laws involved in their situation. If your estate is too complex or you are attempting to pass on assets to multiple people, other options may be best for you. We can review your situation and confirm what course of action is right for you.
Add A Life Estate Deed To Your Estate Plan Today
An enhanced life estate deed can effectively manage a property and ensure a smooth transfer to beneficiaries. If you are considering this option, contact our Winter Garden office today. The sooner you reach out to us, the sooner we can begin to develop a personalized estate plan that you can depend on when you need it. Call us at 407-656-1576 or email us here to schedule your initial consultation today.