Life Estate Ownership Advantages

Florida Enhanced Life Estate Warranty Deed (Lady Bird Deed)

[Husband and Wife / Two Individuals to Four (4) Individuals]

Control Number: FL-09-83

I. TIPS ON COMPLETING THE FORMS

The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand.

It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible.

By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner.

II. HOW THE GRANTEES WILL HOLD THE PROPERTY

In the State of Florida, real property can be held by more than one person (concurrent estates) in the following ways:

A. If the Grantees ARE NOT married to each other, they can hold the property as:

1. Tenants in Common: a type of concurrent estate in which each party owns an undivided interest in the property that will pass to their heirs when the tenant in common dies. Generally their shares are “equal” but may differ in size.

2. Joint Tenants with the Right of Survivorship (JTWROS): is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate.

B. If the Grantees ARE married to each other, they can hold the property as:

1. Tenants in Common – See above

2. Joint Tenants with the Right of Survivorship – See above

3. Tenants by the Entirety - a type of concurrent estate available to married couples, where ownership of property is treated as though the couple were a single legal person. Like a JTWROS, the tenancy by the entirety also encompasses a right of survivorship, so if one spouse dies, the entire interest in the property passes to the surviving spouse, without going through probate.

C. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common; Joint Tenants with Right of Survivorship; or, Tenants by the Entirety.

D. For additional information on the above see the definitions at:

http://lawdigest.uslegal.com/

E. For example:

“Husband and Wife, as Tenants in Common, hereinafter”

“Two Individuals as joint tenants with the right of survivorship and not as tenants in common.”

III. DISCLAIMER

These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Florida. All information and Forms are subject to this Disclaimer:

All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney.

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THIS INSTRUMENT PREPARED BY:

NAME:

ADDR.:

PARCEL IDENTIFICATION NUMBER:

Rec, Fee $ Doc. St. $

Space above for Recording

ENHANCED LIFE ESTATE WARRANTY DEED

[Husband and Wife / Two Individuals to Four Individuals]

This Indenture, made the day of , 20 by:

GRANTOR: , a married person, whose postal address is ; and

, a married person, whose postal address is , and

GRANTEES: , a unmarried person, whose postal address is ;

, a unmarried person, whose postal address is ;

, a unmarried person, whose postal address is ; and

, a unmarried person, whose postal address is .

WITNESS: That the GRANTORS, for and in consideration of Ten Dollars and other valuable consideration, do hereby grant, bargain, sell, remise, release and convey unto the individual GRANTEES, as , subject to a retained life estate in each Grantor described further in the Reservations and Limitations to Conveyance set forth below, the following described land, situate, lying and being in County, Florida, to wit:

See Exhibit A attached hereto and incorporated by reference as though set forth in full

Legal Description:

RESERVATIONS AND LIMITATIONS TO CONVEYANCE AND WARRANTY:

1. It is the intention of the Grantors to create an Enhanced Life Estate reserving and preserving to the Grantors, and each of them, a life estate for the term of their life without any liability for waste and with full power and authority in said life tenant, and each of them, to sell, convey, mortgage, lease or otherwise encumber the described property.

2. The Grantors also reserves the right to cancel this conveyance and reconvey the property described, or otherwise manage and dispose of the property described during the Grantor’s lifetimes, in whole or in part, in fee simple, with or without consideration, without joinder of any remaindermen, and with full power and authority to retain exclusively any and all proceeds generated thereby without liability for claims or debts of remaindermen.

3. Upon the death of the Life Tenants, the remainder, if any, will then be granted to the following Remaindermen in Equal Shares:

, , , and , collectively the "Grantees."

PRIOR INSTRUMENT REFERENCE: Book , Page , Document No. of the Public Records of the Recorder of County, Florida.

EXECUTED this day of , 20

Signed, sealed and delivered in the presence of:

NOTARY ACKNOWLEDGMENT

EXHIBIT A

Grantors:

Grantees:

Legal Description: