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The Lady Bird Deed works in Florida like it would in any other state that recognizes the estate planning tool. When you execute the deed in Florida, you receive a life estate in the property ...
An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. ... Florida’s recognition ...
The first step in creating a ladybird deed is making sure you're able to do so under your state's laws. Again, the states that allow enhanced life estate deeds are Florida, Texas, Michigan ...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
Example: "O grants Blackacre to A for life, then to B, unless B and C have divorced (at the time A dies)". Analysis (O): If B and C have not divorced before A dies, B will own Blackacre. If B has divorced C, then the property will vest in O (or O's estate) without O having to make a claim for it. So O has a reversion. Analysis (A): A has a life ...