Talk of The Villages Florida

Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)

- The Villages, Florida, Non Villages Discussion (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/)

- - Living Trusts (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/living-trusts-311552/)

Quote:

Originally Posted by rjm1cc (Post 1841454)

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.

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.

Certainly a lot to think about

Great discussion. I really appreciate everyone’s input. Thinking about the lady bird deed vs. a living trust.

The closing agent was one from The Villages since I had a new home built. Don't remember her name. I was still able to get a homestead exemption.

Quote:

Originally Posted by retiredguy123 (Post 1841607)

I agree the problem may not be the law but the title company's procedures. That is why you need an attorney that knows this area of the law for the state you are in.

Quote:

Originally Posted by rjm1cc (Post 1841790)

I agree the problem may not be the law but the title company's procedures. That is why you need an attorney that knows this area of the law for the state you are in.

I agree. I would not try to make any deed changes without asking an attorney about the legal consequences, especially if I didn't fully understand them.

I am often shocked to find out that a friend or acquaintance owns a legal, financial, insurance, or investment product, and they have no idea what they purchased. I don't buy anything without asking a zillion questions.

Quote:

Originally Posted by rjm1cc (Post 1841790)

I agree the problem may not be the law but the title company's procedures. That is why you need an attorney that knows this area of the law for the state you are in.

At times how this type of title issue is handled can vary from county to county or even be unique within a city. I would never dream of changing a title in any manner without consulting an attorney well versed in local practices of this nature.

I had a living trust in another state that had to rewritten to comply with Florida laws. Check with your attorney on the best path forward.

Quote:

Originally Posted by SacDQ (Post 1842159)

I had a living trust in another state that had to rewritten to comply with Florida laws. Check with your attorney on the best path forward.

What were the key factors? Other than titling of a home for homestead qualification I can not think of any?

Quote:

Originally Posted by rjm1cc (Post 1842252)

What were the key factors? Other than titling of a home for homestead qualification I can not think of any?

I wondered the same thing. If you have a competently prepared trust and a good, dependable trustee, the trust should be executable in any state. Hopefully, the State of Florida will have no involvement in executing the terms of the trust. A will is a different matter.