If you’re a Florida resident, you should consider a life estate deed if you want to provide your heirs with a good life. A life estate deed helps you control your property’s division after you pass, especially if you have more than one residence. An example of this includes having a family home, a vacation home, and rental properties. You may be thinking, “doesn’t a will help solve this issue?”. It does, and it is a logical option, but a will is much easier to refute than a life estate deed. Last wills and testaments detail many things, including what happens to your estate and particulars such as child custody. However, a life estate deed is a public document that regulates the real estate division solely. Allow us to elaborate more about the purpose and pros of a Florida life estate deed.
A Scenario in Which a Life Estate Deed Would Apply
Let’s say that a father with three sons only wanted one of his sons to inherit his home. If he were to draw up a will, there is a chance that one of the other sons could defeat it, invoking inheritance rights. The father may also not want to burden one of his sons with a life support contract for fear that it would be too expensive.
In this case, the best option would be for the father to hire an estate planning attorney to draw up a deed and legally become a grantor. By signing a deed, the father would be able to control the heirs’ rights and obligations. Simultaneously, the father would not lose rights and privileges to use and manage the property while he is still alive. The father, being the owner, would also still have duties such as paying taxes, renovation responsibilities, and real estate repairs. The inheritors can help make decisions about the sale of the property, mortgage, or any proceeds from it. Think about it as a form of co-ownership.
If you want to transfer real estate ownership over and avoid the costs and complications associated with probate, you’ll consider a life estate deed. After you deed your estate over to someone, you may also be eligible for long-term care through Medicaid. A deed enables you to be a co-owner of the property, making it so that your assets won’t exceed the required value. If this is the case, you become qualified for government help.
If you’re searching for an estate planning attorney, look no further than Millman Law Group. Our attorneys can help you prepare for the future and make estate planning less complicated. We think about all the little details so that you won’t have to do so.
An Estate Plan Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.