When it comes to estate planning in Florida, enhanced life estate (ELE) deeds offer a unique approach to property transfer. Understanding the complexities of these deeds is crucial for anyone looking to protect their assets and streamline the transfer process. We’ll delve into the key aspects and considerations you need to know about enhanced life estate deeds in Florida.
What is an ELE?
Enhanced life estate deeds, also known as Lady Bird Deeds, are legal instruments used in estate planning. They are a type of deed that allows property owners to retain control and ownership of their property during their lifetime while designating a beneficiary to inherit the property automatically upon their death. The term “enhanced” refers to the additional rights and benefits provided to the property owner. With an enhanced life estate deed, the property owner retains the ability to sell, mortgage, or modify the property. This can all be done without obtaining consent from the designated beneficiary.
What are the benefits of having an ELE?
The advantage of an ELE is that they help facilitate property transfers to the beneficiary without the need for probate. Probate is the process through which a court validates a will, settles debts, and distributes assets after a person’s death. Utilizing an enhanced life estate deed helps the property pass directly to the designated beneficiary outside of the probate process. Enhanced life estate deeds offer Florida residents an effective method to protect their property, streamline the transfer process, and achieve their estate planning goals.
How do you create an ELE?
The first and most important step to creating an ELE is to consult with an attorney! While many people believe that their assets are covered with their current estate planning, many cases still go through probate. To ensure your legacy is preserved after you pass, the assistance of an attorney is invaluable in the creation of these documents. By understanding this, individuals can make informed decisions and create a solid estate plan. Remember, consulting with an experienced attorney is crucial to ensure that your specific circumstances and intentions are properly addressed.
The experienced team of attorneys here at Hemness Faller, The Law Office formerly known as Emma Hemness, P.A., are here for you and your family and we want to be YOUR estate planning and elder law attorneys. After all, we are ordinary people, providing extraordinary guidance backed by years of experience and advocacy for the vulnerable citizens in our community. We encourage you to contact us and schedule a meeting.