This form is a sample letter in Word format covering the subject matter of the title of the form.
State Bar Form 9-2009 In Michigan
Category:
State:
Multi-State
Control #:
US-0001LTR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Can I do my own lady bird deed in Michigan? In Michigan, a Lady Bird Deed is very easy to use. You sign a deed giving your property to your chosen heirs, but you retain the right to use the property during your lifetime. You also retain the right to sell, give away, or mortgage the property.
Michigan Lady Bird Deeds Can Help You Avoid The Long and Expensive Probate Court Process. One of the major benefits of a Lady Bird Deed as an Estate Planning resource is that it helps you avoid Probate Court.
To determine what method of property transfer is best for you, whether it be a Lady Bird Deed or Living Trust, it's best to consult an experienced Estate Planning Attorney.
Yes! In fact, lady bird deeds are considered an important estate planning resource and are very often an important part of a Michigan families estate plan.
A Lady Bird deed sets up a less flexible arrangement than a trust. If the Lady Bird deed names more than one default beneficiary, it does not allow just one of them to sell the property following the owner's death unless the others give their power of attorney.
It's possible to draft and record a ladybird deed without help from an attorney, but that doesn't mean you should. Consider these four pitfalls. Errors can make transfer difficult: One of the disadvantages of a ladybird deed is that mistakes can make it difficult to transfer titles and obtain title insurance.
Michigan doesn't allow real estate to be transferred with transfer-on-death deeds. There is a type of deed available in Michigan known as an enhanced life estate deed, or "Lady Bird" deed, that functions like a transfer-on-death deed.
Also, if you're leaving the property to more than one beneficiary, a Lady Bird Deed is not necessarily the easiest or most flexible solution. If you own more than just your home, a Lady Bird Deed might not be enough to keep your family out of Probate.
