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The post How the Lady Bird Deed Works in Florida appeared first on SmartReads by SmartAsset. This powerful estate planning instrument is a popular choice among Florida homeowners.
A transfer on death deed is quite simple: you just name the person (or persons) who you want to inherit your property after you pass away. Once this document is signed and filed with your local ...
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.
The person identified in such a clause is called the residuary taker, residuary beneficiary, or residuary legatee. Such a clause may state that, in the event all other heirs predecease the testator , the estate would pass to a charity (that would, presumably, have remained in existence).
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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).