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.
In Detroit, Michigan, an Enhanced Life Estate or Lady Bird Deed is a legal document that allows an individual property owner to transfer their real estate to another individual while retaining the right to live in and control the property until their death. This type of deed is becoming increasingly popular among homeowners looking to efficiently transfer property without the need for probate or a traditional deed transfer process. The term "Enhanced Life Estate" refers to a specific type of Lady Bird Deed that offers additional benefits and protection to the property owner. By using this type of deed, individuals can ensure that their property bypasses probate and automatically transfers to the designated recipient upon the owner's death, avoiding the need for court involvement. Some key features of a Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Individual include: 1. Property Ownership: The granter (property owner) continues to retain full control and ownership of the property during their lifetime, including the right to sell, mortgage, lease, or modify the property without the consent of the beneficiary. 2. Right to Occupy: The granter retains the right to live in and use the property for their lifetime, maintaining all the benefits and responsibilities of homeownership. This ensures that the granter can continue to reside on the property without interference. 3. Avoidance of Probate: Upon the granter's death, the property is automatically transferred to the designated beneficiary without the need for probate or court involvement. This saves time and money, as the property does not go through the lengthy and often complex probate process. 4. Flexibility to Revise or Revoke: The granter has the ability to modify or revoke the deed at any time during their lifetime, providing flexibility in case circumstances or preferences change. It's important to note that the terms "Enhanced Life Estate" and "Lady Bird Deed" are often used interchangeably in Michigan, and the distinction between them can vary depending on the specific language included in the deed document. In conclusion, a Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Individual is a legal mechanism that allows property owners to transfer their real estate to another individual while retaining the right to live in and control the property until their death. This type of deed offers several benefits, including avoiding probate, maintaining control and ownership, and flexibility in modifying or revoking the deed.
