What needs to be done to complete a life estate?

Q: What happens when someone dies with a life estate?

When a life tenant dies, the property automatically transfers to the remainderman named in the life estate deed. The remainderman then gains full ownership of the property without the need for probate. This transfer occurs immediately upon the death of the life tenant.

Q: Can a person with a life estate sell the property in Florida?

A life tenant can sell or transfer their interest in the property, but this does not affect the remainderman's rights. The buyer would acquire the life tenant's interest, which means they would only have the right to use the property until the life tenant's death. After that, the property would still pass to the remainderman.

Q: Does the remainderman own the property?

The remainderman does not own the property while the life tenant is alive. They gain full ownership only after the life tenant passes away. Until that time, the remainderman has no rights to the property, but they can enforce their future interest.

Full question:

My friend owns real estate in Fl. and wants to do a life estate which would transfer his property to another person upon his death. What needs to be done to complete this action?

Category: Wills and Estates
Date: 04/07/2025
State: Florida

Answer:

Please see the forms at the following links:

http://www.uslegalforms.com/fl/FL-021-77.htm

http://www.uslegalforms.com/fl/FL-SDEED-8-21.htm

http://www.uslegalforms.com/fl/FL-SDEED-8-9.htm

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Who owns the property in a life estate in Florida?

In a life estate in Florida, the person who creates the life estate, known as the life tenant, retains the right to use and occupy the property during their lifetime. However, the property will automatically transfer to the designated remainderman upon the life tenant's death. The remainderman does not have ownership rights until the life tenant passes away.

What happens when someone dies with a life estate?

Can a person with a life estate sell the property in Florida?

Does the remainderman own the property?

What are the disadvantages of a life estate?

One disadvantage of a life estate is that the life tenant cannot sell or mortgage the property without the remainderman's consent. Additionally, the life tenant is responsible for property taxes and maintenance. Upon the life tenant's death, the property bypasses probate but may not be the best option for estate planning in all situations.

How to transfer a property deed from a deceased relative in Florida?

To transfer a property deed from a deceased relative in Florida, you typically need to file the deceased's will with the local probate court. If the property was held in a life estate, the deed may automatically transfer to the remainderman. If not, the probate process will determine the rightful heirs and facilitate the transfer of ownership.