Attorney Tom Olsen discusses enhanced life estate deeds aka lady bird deed
Life estate deeds are very powerful tools that allow you to avoid probate on your home or other property. There are two types of life estate deeds. Listen as Attorney Tom Olsen explains!
Hi, I'm Attorney Tom Olsen with the Olsen Law Group in Orlando, Florida. Today, I'd like to talk to you about a life estate deed which is a very powerful tool that will allow you to avoid probate on your home or other property in Florida. Then I'd like to tell you that there are two types of life estate deeds. There's an "ordinary" life estate deed and an "enhanced" life estate deed. Either one of these life estate deeds states that as long as you are alive, you have the sole and exclusive use and benefit of your home and then upon your death, your home automatically goes to the people that you have named within this life estate deed.
Typically, we talk about a life estate deed living home equally to your children upon your death, but it can also state that it goes to your friends, it can also state that it goes to a charity. This life estate deed, I can prepare it for you. We record it in the public records and when you have passed away, the only thing your children need to do is to record your death certificate in the public records of the country where your property is located and it's done. They automatically own it, no headaches, no hassles, no probate.
Now, the two different types of life estate deeds. An ordinary life estate deed, an enhanced life estate deed and here's the difference. If you do an ordinary life estate deed, once you signed it, it is written in stone. It cannot be changed in the future. If you do an enhanced life estate deed, you reserve the right to change that deed in the future.
And here's the difference. If you did an ordinary life estate deed, it states that upon your death your home goes to your daughter, and later on you want to sell your home or you want to refinance your home, you would have to get your daughter's signature and consent in order to do so. If you did an enhanced life estate deed, and in that deed for example, it states that upon your death your home goes to your three children, and six months from now you have a falling out with one of your children, or you want to refinance your property, you could change that deed without your children's knowledge, signature, or consent.
I've given you a broad background on life estate deeds and the good news is that we have a legal booklet on enhanced life estate deeds and we would be happy to get that booklet to you and we'll give you some more information on this. Folks, we would love to be of service to you. My name is Tom Olsen. I'm an attorney at law in Orlando, Florida with the Olsen Law Group.