Quote:
Originally Posted by rjm1cc
I think the term enhanced life estate deed is what is used in Fl for the Lady Bird. Thank you.
As pointed out in the reference the ownership of the property is split between the original owner for life and the beneficiary is entitled to the property after the owner dies. Thus if the owner wants to sell the property the owner needs to get the beneficiary's rights back.
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Not exactly. I consulted with McLin Burnsed about converting my deed to a lady bird deed. In Florida, with a lady bird deed, you have total control over the property during your lifetime, including the ability to sell the property anytime you want. However, there are a few title companies who will want you to get a signature from the lady bird beneficiary when you sell the property, even though it is not required by state law. But most title companies do not require the beneficiary approval. It is just a matter of hiring a title company that doesn't require the signature, if that is an issue. So, I am considering getting a lady bird deed to totalling eliminate probate for my estate. The cost to prepare a lady bird deed is about $200.