QUESTION

Should the deed be an Enhanced Life Estate Deed?

Asked on Apr 23rd, 2012 on Estate Planning - Florida
More details to this question:
My house is in my living mother''s revocable living trust name. I reside in Orange County, FL and she in Michigan. I need to be able to make home improvements but can''t get building permits without her present. Will this solve this dilema and still act similar to the trust? I.E. I need to be somehow on the deed.
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2 ANSWERS

Estate Planning Attorney serving DeLand, FL
4 Awards
No, an Enhanced Life Estate Deed will not resolve this “dilemma.” An Enhanced Life Estate Deed would give your mother a life estate in the property, and you a remainder interest. Your interest in the property would vest upon the death of your mother. It may be possible for your mother to execute a Power of Attorney for the purposes of improving the home. You should seek out an attorney who practices in the field of estate planning. He or she can review the trust document and assist you with resolving your issue. Astrid de Parry, P.A.
Answered on Aug 01st, 2012 at 11:30 AM

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I don't think it will solve the problem that you have.  A life estate deed vests title in your mother and the remainder (on her death) to you.  This is similar to a trust in that sense.  So your mother would still need to sign off on any improvements.  But I don't understand what the problem is with her signing an application. Better yet, depending on the terms of the trust, she might be able to appoint you as a special trustee, or delegate trustee authority to you for that purpose.  You could also try to see if the building department would accept a power of attorney from her appointing you with authority to deal with the house. This raises several other larger questions as to whether this set up provides the optimal tax benefits and asset protection.  You might want to have your mother have her trust and estate plan reviewed by her counsel. This is specific to Florida law and does not constitute legal advice as the facts presented are anonymous and incomplete. This is intended for general education only and does not create an attorney-client relationship. This should not be relied on and you must seek your own attorney client relationship.
Answered on Apr 24th, 2012 at 3:52 PM

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