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A Lady Bird Deed allows the grantor (the person who owns the property) to maintain control over the property during their lifetime, including the right to use, sell, or lease the property. The property automatically transfers to the designated recipient (the remainderman) upon the grantor's death without going through probate.
In Florida, a property owner "technically" can prepare their own Lady Bird deed (also known as an Enhanced Life Estate Deed). However, it is risky and not recommended.
Preparing a Lady Bird deed requires a precise understanding of Florida property and estate planning laws. These types of deeds are complex legal documents. If not properly prepared and executed, they may not achieve the desired outcome, and if prepared wrong, they can create legal complications and tax implications. Even a small error or misunderstanding can lead to significant issues. Legal advice is crucial in such situations to prevent potential problems or disputes.
Under Florida law, Lady Bird Deeds have specific requirements that must be met, including the language used in the deed and how the deed is executed and recorded. Failure to satisfy these requirements can result in an invalid deed.
Always consult a Florida estate planning attorney or a real estate attorney familiar with these types of deeds. They can guide you through the process, ensuring the deed is correctly prepared, executed, and recorded per Florida law.
Published: Nov 8, 2022
Updated: Mar 14, 2024
This FAQ is for informational purposes only and does not constitute legal advice. We make no representations or warranties about this FAQ's completeness, accuracy, reliability, or suitability. Each legal situation is unique; consult an attorney for personalized guidance.
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