Florida "Lady Bird" Deed
October 10 2009 Filed in: Real Estate & Probate | Deeds
Owners of Florida real estate have always sought ways of transferring title their home or other real property at death without the cost and delay of probate. While inter vivos trusts are popular, such estate planning schemes are usually too expensive for persons of modest means.
A tool employed by Byrd & Barnhill to help our clients avoid probate is a conveyance by deed of the client’s property to the ultimate beneficiary (legally called “remainderman”), but reserving the use and possession of the property for the remainder of the owner’s life (legally called a “life estate”). On the surface this method of transfer is deceptively simple, yet there can be serious unintended consequences of such an outright transfer. First of all, once the deed is signed, sealed and delivered it becomes irrevocable. If the owner needs to mortgage or even sell the property, it cannot be done without the remainderman’s consent. Also, the remainderman’s creditors can attach his or her interest in the property – definitely an unwanted situation.
A tool employed by Byrd & Barnhill to help our clients avoid probate is a conveyance by deed of the client’s property to the ultimate beneficiary (legally called “remainderman”), but reserving the use and possession of the property for the remainder of the owner’s life (legally called a “life estate”). On the surface this method of transfer is deceptively simple, yet there can be serious unintended consequences of such an outright transfer. First of all, once the deed is signed, sealed and delivered it becomes irrevocable. If the owner needs to mortgage or even sell the property, it cannot be done without the remainderman’s consent. Also, the remainderman’s creditors can attach his or her interest in the property – definitely an unwanted situation.
Florida Enhanced Life Estate Deed
In order to avoid the unintended and unwanted consequences of an absolute conveyance of the owner’s property, Florida legal practitioners have begun to use the so-called “Lady Bird Deed” reputed to have been used by the late President Lyndon Johnson to convey his property to “Lady Bird” prior to his death. The correct name of this instrument is the Enhanced Life Estate Deed. Read More...New Plant City Courthouse
October 04 2009 Filed in: Court News
Construction Begins on New Plant City Courthouse
Construction is set to begin soon on the new Plant City Courthouse. The $14.8 million project is scheduled to be completed and in use by the summer of 2011.In announcing the much-needed project, Chief Judge, Manuel Menendez, Jr., confirmed, “The replacement of the old Plant City Courthouse is long overdue. Through the efforts of many community leaders including former House Speaker Johnnie Byrd, former Senate President Tom Lee, the Hillsborough Legislative Delegation, the Hillsborough Board of County Commissioners and the Plant City Mayor and City Council, I am pleased that this magnificent new courthouse will take its rightful place as a beacon for justice in Plant City.”
In addition to four new courtrooms and judicial offices, the 60,000 square foot, two-story facility will house the Clerk, Public Defender, State Attorney, Sheriff and other court related programs and functions of the Court Administrator. The county has contracted with architectural firm HOK which is in the final stages of completed the programming and plans that will form the basis of the bid to hire a construction management firm.
