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Florida Lady Bird Form

Florida Lady Bird Form

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What is the Florida Lady Bird

The Florida Lady Bird deed, also known as an enhanced life estate deed, allows property owners to retain control of their property during their lifetime while designating beneficiaries to receive the property upon their death. This type of deed is particularly beneficial as it avoids the probate process, simplifying the transfer of property to heirs. The owner maintains the right to live in and use the property, and they can also sell or mortgage it without the beneficiaries' consent.

Key elements of the Florida Lady Bird

Several key elements define the Florida Lady Bird deed:

  • Retained Control: The property owner retains the right to use, sell, or modify the property during their lifetime.
  • Automatic Transfer: Upon the owner's death, the property automatically transfers to the designated beneficiaries without going through probate.
  • Tax Benefits: The property may receive a step-up in basis for tax purposes, potentially reducing capital gains taxes for heirs.
  • Revocability: The deed can be revoked or altered at any time by the property owner, providing flexibility.

Steps to complete the Florida Lady Bird

Completing a Florida Lady Bird deed involves several important steps:

  1. Draft the Deed: Prepare the deed with all necessary information, including the names of the grantor (property owner) and grantees (beneficiaries).
  2. Sign the Deed: The grantor must sign the deed in the presence of a notary public.
  3. Record the Deed: File the signed deed with the appropriate county clerk's office to make it legally binding.
  4. Notify Beneficiaries: Inform the beneficiaries of the deed to ensure they understand their rights and responsibilities.

Legal use of the Florida Lady Bird

The Florida Lady Bird deed is legally recognized in Florida and offers a valid way to transfer property while avoiding probate. It is essential to ensure that the deed complies with state laws and contains all necessary elements to be enforceable. Consulting with a legal professional can help ensure that the deed is properly executed and recorded.

Required Documents

To complete a Florida Lady Bird deed, the following documents are typically required:

  • Property Deed: The original deed to the property being transferred.
  • Identification: Valid identification for the grantor, such as a driver's license or passport.
  • Beneficiary Information: Full names and addresses of the beneficiaries.

Who Issues the Form

The Florida Lady Bird deed does not have a specific issuing authority like some other forms. Instead, it is a legal document that can be drafted by an attorney or created using legal templates. It is important to ensure that the document meets all legal requirements for it to be valid in Florida.

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