What deed do I need?
Full Question:
I am married, however, I own a condo individually which is unencumbered (free and clear). I have a Warranty Deed and title insurance on the property. I would like the condo to pass to her upon my death to avoid the hassle and expense of Probate. My wife and I jointly own our home which is also free and clear therefore, the condo is not my legal Homestead. I would like the option to sell the condo at some point if I decide to. Is an Enhanced Life Estate Deed the best option to accomplish this? I have heard that this deed is available in Florida and offers greatly enhanced benefits over a regular Life Estate deed. What will happen if she passes away before me? If this deed is appropriate for my situation, can I just buy the form that has language specific to Florida law and have it recorded myself? I've seen the form and it looks simple enough to fill in the blanks.
10/14/2010 |
Category: Real Property |
State: Florida |
#23390
Answer:
We cannot give legal advice. The following is not a substitute for the advice of a local attorney. But we hope the information will be useful.
Yes, an enhanced life estate should work for your purpose. You can grant a life estate to yourself, retaining the power to sell (etc) the property, but when you die the property will go to the grantee, your wife. You will have to file the new deed with the land records office where your deed is currently filed.
If your wife dies before you do, you can cancel the life estate. If you failed to cancel it (or sell the property), when you died the property would go to the heirs of your deceased wife.
