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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.
TOD deeds are legal documents that can be filed in local land records offices, and do not require the notice of the beneficiary, though it’s probably a good idea to give them a heads up.
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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In common law, an estate is a living or deceased person's net worth.It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time.