This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
The Wayne Michigan Enhanced Life Estate or Lady Bird Deed, also known as an "enhanced life estate deed" or "transfer on death deed," is a legal document that allows individuals to transfer real estate ownership to another individual while retaining certain rights and benefits during their lifetime. This deed is commonly used as an estate planning tool that can help individuals avoid probate and ensure a smooth transfer of property upon their passing. In the state of Michigan, there are several types of enhanced life estate deeds or Lady Bird deeds that can be utilized: 1. Enhanced Life Estate Deed — Individual to Individual: This type of deed enables an individual property owner to transfer their real estate to another individual, typically a family member or loved one, while retaining a life estate interest. The life estate interest ensures that the original property owner can continue to live in the property and retain control over it until their passing. Once the individual passes away, the property automatically transfers to the named beneficiary without the need for probate. 2. Joint Enhanced Life Estate Deed — Individual to Individual: This deed allows two individuals, usually spouses or partners, to jointly transfer real estate to another individual, while retaining their life estate interests. Both individuals have the right to live in and control the property until they both pass away. Upon the death of the last surviving individual, the property transfers to the named beneficiary. 3. Revocable Enhanced Life Estate Deed — Individual to Individual: This variant of the deed provides the original property owner with the flexibility to revoke or modify the terms of the deed during their lifetime. This means that the individual can change the beneficiary or sell the property if their circumstances change. The main benefit of this type of deed is the ability to maintain control and ownership of the property until the individual's passing. 4. Irrevocable Enhanced Life Estate Deed — Individual to Individual: In contrast to the revocable deed, the irrevocable enhanced life estate deed cannot be easily modified or revoked by the original property owner once it is executed. This type of deed offers more certainty and finality in the transfer of property upon the individual's passing. It is important to note that this type of deed requires careful consideration and legal advice, as it limits the individual's control over the property. The Wayne Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Individual is an effective estate planning tool that provides property owners with the option to transfer real estate to loved ones while maintaining certain rights and benefits during their lifetime. It offers a seamless transfer of property without the need for probate, which can save time and costs associated with the traditional probate process. Seeking the guidance of a qualified attorney is crucial when considering the use and type of Wayne Michigan Enhanced Life Estate or Lady Bird Deed to ensure compliance with all legal requirements and to tailor the deed to individual circumstances.The Wayne Michigan Enhanced Life Estate or Lady Bird Deed, also known as an "enhanced life estate deed" or "transfer on death deed," is a legal document that allows individuals to transfer real estate ownership to another individual while retaining certain rights and benefits during their lifetime. This deed is commonly used as an estate planning tool that can help individuals avoid probate and ensure a smooth transfer of property upon their passing. In the state of Michigan, there are several types of enhanced life estate deeds or Lady Bird deeds that can be utilized: 1. Enhanced Life Estate Deed — Individual to Individual: This type of deed enables an individual property owner to transfer their real estate to another individual, typically a family member or loved one, while retaining a life estate interest. The life estate interest ensures that the original property owner can continue to live in the property and retain control over it until their passing. Once the individual passes away, the property automatically transfers to the named beneficiary without the need for probate. 2. Joint Enhanced Life Estate Deed — Individual to Individual: This deed allows two individuals, usually spouses or partners, to jointly transfer real estate to another individual, while retaining their life estate interests. Both individuals have the right to live in and control the property until they both pass away. Upon the death of the last surviving individual, the property transfers to the named beneficiary. 3. Revocable Enhanced Life Estate Deed — Individual to Individual: This variant of the deed provides the original property owner with the flexibility to revoke or modify the terms of the deed during their lifetime. This means that the individual can change the beneficiary or sell the property if their circumstances change. The main benefit of this type of deed is the ability to maintain control and ownership of the property until the individual's passing. 4. Irrevocable Enhanced Life Estate Deed — Individual to Individual: In contrast to the revocable deed, the irrevocable enhanced life estate deed cannot be easily modified or revoked by the original property owner once it is executed. This type of deed offers more certainty and finality in the transfer of property upon the individual's passing. It is important to note that this type of deed requires careful consideration and legal advice, as it limits the individual's control over the property. The Wayne Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Individual is an effective estate planning tool that provides property owners with the option to transfer real estate to loved ones while maintaining certain rights and benefits during their lifetime. It offers a seamless transfer of property without the need for probate, which can save time and costs associated with the traditional probate process. Seeking the guidance of a qualified attorney is crucial when considering the use and type of Wayne Michigan Enhanced Life Estate or Lady Bird Deed to ensure compliance with all legal requirements and to tailor the deed to individual circumstances.
