To dissolve a life estate, the life tenant can give their ownership interest to the remainderman. So, if a mother has a life estate and her son has the remainder, she can convey her interest to him, and he will then own the entire interest in the property.
Can a life estate be revoked in Florida?
When you create an enhanced life estate deed, you will name a beneficiary for your home who should receive your property upon your death. You also retain the right to rescind to revoke the beneficiary’s interest in the property at any point prior to your death and for any reason.
Can a life estate be relinquished?
The life estate can only be terminated as a result of your death or if you agree to relinquish your life estate in writing. However, the property is owned by the person(s) named in the deed as the Grantee. These can be by sale, or under the specific terms of distribution of the trust or estate.
What happens to a Florida life estate deed?
Traditional life estate deeds in Florida have a few problems. For instance, if the remainderman dies before the creator of the deed, then the property has to go through probate.
How to set up a Florida life estate?
Stay tuned for part two, when some of the risks of a life estate are discussed. If you are interested in setting up a deed or property transfer of any kind as part of your estate plan, contact an experienced elder law attorney at the Millhorn Elder Law Planning Group in The Villages. No single approach is right for everyone.
How to avoid probate of real estate after death?
Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. As discussed in How to Avoid Probate of Real Estate, a life estate deed is a popular estate planning tool. Life estate deeds are the oldest form of deed for avoiding probate at death and are well-established in most states.
What do you need to know about a life estate?
A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life. Get Deed.
