Enhanced Life Estate Deeds
Enhanced Life Estate Deeds have become extremely popular in recent years. Typically, these deeds are used by homeowners who have paid off their mortgage. Transferring your property via an enhanced life estate deed for homestead property is an accepted method of avoiding probate of the home. Additionally, the enhanced life estate deed does not disqualify a person for being eligible for Medicaid. If you own homestead property and transfer your interest by way of an enhanced life estate deed, you become the “life tenant.” The people named in your deed to receive the property after your death are called “remaindermen” Another benefit of using the enhanced life estate deed is the person who is the life tenant can sell the property and keep the proceeds regardless of whether the remaindermen agree. So, by avoiding probate while staying in control of your property, you are saving your remaindermen the costs and trouble of having the property go through probate.
PowerLegal, P.A. drafts the Enhanced Life Estate Deed for $150.00 You will have to pay a filing fee at your county land records office. Since, there is only minimal consideration ($10.00), the recording fee is around $30.00.