Currents November 2019 Nov 2019 _Currents web | Page 14

14
Currents
November 2019
the following options.    If you are married and own
your home together, your surviving spouse will not
have probate; however, there will be probate when
the second of you passes away, unless one of these
options is done.
Let us assume that you own your home jointly
with your spouse and that you have two
children.    Both of you desire to have your two chil-
dren inherit your home equally when you both pass
away.
The first option would be to add the names of
your two children to the Deed as joint tenants with
right of survivorship.    This is not a good idea.    It
would affect your ability to claim your full homestead
exemption.    In addition, you lose control of your
property and can only sell it if your children both
agree and sign all closing documents.  If you wanted
to take one of the children off the Deed, you would
be unable to do so.    If one of your children files for
Free Estimate!
bankruptcy, has an adverse judgment or files for
divorce, your property could be subject to liens or
other legal action.  Therefore, I recommend against a
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Deed with your children as joint
tenants with right of survivorship.
The second option is a Life
Estate Deed.    There are two
types of Life Estate Deed: regular
and Enhanced (also referred to
as Lady Bird).    The regular Life
Estate Deed requires that your
children join in any sale or other
changes on the Deed; therefore,
you have lost control and cannot
take your child’s name off the
Deed if you choose to do so.  The
Enhanced Life Estate Deed gives
you the sole right to sell the prop-
erty during your lifetime or make
any other changes to the Deed
without the permission of your
child.    The Enhanced Life Estate
Deed has very specific legal lan-
SE HABLA ESPAÑOL NOU PALÉ KRÉYOLE
guage in order to be effective;
therefore, do not attempt to do
this on your own.
Even with the Enhanced Life
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