It is impossible to know what will happen in the future. Estate planning is fundamental to preparing for unexpected situations, such as divorce, incapacitation, or death. However, even a solid estate plan might change, requiring the update of different legal documents.
In this article, you will discover how to revoke a lady bird deed in Florida.
Lady Bird Deeds in Florida – The Basics
Currently, five states recognize enhanced life estate deeds – Florida, Michigan, Texas, Vermont, and West Virginia. Also referred to as “lady bird deeds,” enhanced life estate deeds are similar to other deeds used to convey or transfer the title of real property.
However, lady bird deeds have an advantage over other types of deeds, as they permit the owner of a property to transfer its ownership upon death without exposing the asset to probate.
With a lady bird deed, the owner can retain control over the property during his or her lifetime and ensure a seamless inheritance process without probate.
All deeds must have at least two parties, which are the grantor and the grantee. The grantor is the party who transfers ownership of a property to the other (grantee). Depending on how the property is distributed, a property may have multiple grantees.
Lady Bird Deed vs. Estate Planning in Florida – Taking a Closer Look
At a glance, an enhanced life estate deed is similar to other standard deeds. Most of the language used in the document remains untouched, such as the legal description of the conveyed property, the names of the parties involved, and the designation of each party as a grantor or grantee.
When preparing an enhanced life estate deed, the grantor must include specific language stating that the subject property is conveyed to one or more grantees as remainder beneficiaries or remaindermen upon his or her death.
While he or she is still alive, the grantor can do anything with the property without the consent of the remaindermen – sell, use, mortgage, gift, or administer the asset with unrestricted liberty.
Once the grantor passes away, the remainder beneficiaries must file the decedent’s death certificate in the public records to inherit the deeded property without court-supervised administration.
Standard life estate deeds do not permit the owner of the property to retain full control of the asset without the consent of the remainder beneficiaries. In an enhanced life estate deed, the grantor has unlimited power over the property during his or her lifetime.
How Do I Get Rid of a Lady Bird Deed in Florida? – An Honest Overview
The grantor of a property titled with a lady bird deed may change his or her mind along the way and decide to revoke the document. Many people ask themselves whether it is possible to get rid of a Florida lady bird deed.
The first step to determining whether a lady bird deed can be revoked is reviewing the document. If it was not properly executed under Florida law, it is not valid, and its provisions are not enforceable.
If the document was properly executed, the grantor must execute a new valid deed (quitclaim or any other deed type) to revoke the existing lady bird deed. The new deed will extinguish the interest granted by the previous lady bird deed.