In Florida estate planning, a commonly used instrument is a "Living Trust" (also called a "Revocable Trust" or a "Revocable Living Trust"). In this blog, we will simply call it a "Trust." There are multiple benefits accomplished by establishing a Trust, including avoiding probate and controlling distribution--particularly to minors or financially irresponsible adult beneficiaries.
Not uncommonly, we have prospective clients come into the office after a loved one has died. Their request is often simple...for example:"I need a deed to put Mom's house into my name. Her Will says I'm supposed to get it. Can you prepare that deed for me?" Unfortunately, it's not that simple. In most instances, there will need to be a court order to transfer the property. And in Florida, that means opening a probate.
As discussed in a prior blog entry, an Enhanced Life Estate Deed is a type of deed which provides the grantor with certain rights during life, with the remaining interest to go to a named person at the grantor's death. This can be a helpful estate planning tool. However, there are some down-sides to the Enhanced Life Estate Deed. Perhaps some of the biggest negatives arise when trying to get title insurance.
An Enhanced Life-Estate Deed is a type of deed used in estate planning which provides the grantor with certain rights during life, with the remaining interest to go to a named person at the grantor's death. In some states other than Florida, this type of deed is sometimes known as a "Lady Bird Deed."