This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantors are two individuals or husband and wife and the Grantee is an individual. It is also known as a "Lady Bird" Deed. Grantors conveys the property to Grantee subject to a retained enhanced life estate. The Grantors 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.
Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to an Individual If you are considering estate planning in Ann Arbor, Michigan, one important option that you may come across is an Enhanced Life Estate Deed, commonly known as a Lady Bird Deed. This legal document offers numerous benefits, especially to a couple who wishes to transfer their property to an individual while maintaining control and ownership during their lifetime. An Enhanced Life Estate Deed allows a couple (husband and wife) to transfer their property to another individual, typically a family member or loved one, without going through probate. This means that upon the death of the couple, the property will automatically transfer to the named individual, bypassing the need for court involvement or legal fees. This unique deed option provides several advantages. Firstly, it allows the couple to retain full control and use of the property, including the ability to sell or mortgage it, without seeking permission or obtaining the consent of the named individual. Additionally, this type of deed allows the couple to avoid potential Medicaid claims or liens against their property, as it protects it from being counted as an asset for Medicaid eligibility purposes. In Ann Arbor, Michigan, there are primarily two types of Enhanced Life Estate Deeds or Lady Bird Deeds involving two individuals (husband and wife) transferring property to an individual: 1. Traditional Enhanced Life Estate Deed: This type of deed allows the couple to transfer their property while reserving a life estate for themselves. They retain the right to live on and use the property for their lifetime. Upon the death of both individuals, the named individual automatically becomes the sole owner of the property, without the need for probate. This type is often used by individuals who want to avoid probate and retain control over their property until their passing. 2. Joint Tenancy with Enhanced Life Estate Deed: This deed variation allows the couple to transfer their property to a named individual, while still retaining joint ownership of the property with the individual during their lifetime. This means that all parties have equal rights to the property, including the right to live on and use it. However, upon the death of the last surviving spouse, the named individual automatically becomes the sole owner of the property, again bypassing the need for probate. This type of deed is beneficial for couples who want to maintain joint ownership rights during their lifetime but ensure a smooth transfer of property without probate at the end. In conclusion, the Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed provides an effective and efficient way for couples to transfer their property to an individual while bypassing probate, preserving control, and potentially protecting assets from Medicaid claims. Consider consulting an experienced attorney to determine which type of Enhanced Life Estate Deed suits your specific circumstances and estate planning goals.Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife to an Individual If you are considering estate planning in Ann Arbor, Michigan, one important option that you may come across is an Enhanced Life Estate Deed, commonly known as a Lady Bird Deed. This legal document offers numerous benefits, especially to a couple who wishes to transfer their property to an individual while maintaining control and ownership during their lifetime. An Enhanced Life Estate Deed allows a couple (husband and wife) to transfer their property to another individual, typically a family member or loved one, without going through probate. This means that upon the death of the couple, the property will automatically transfer to the named individual, bypassing the need for court involvement or legal fees. This unique deed option provides several advantages. Firstly, it allows the couple to retain full control and use of the property, including the ability to sell or mortgage it, without seeking permission or obtaining the consent of the named individual. Additionally, this type of deed allows the couple to avoid potential Medicaid claims or liens against their property, as it protects it from being counted as an asset for Medicaid eligibility purposes. In Ann Arbor, Michigan, there are primarily two types of Enhanced Life Estate Deeds or Lady Bird Deeds involving two individuals (husband and wife) transferring property to an individual: 1. Traditional Enhanced Life Estate Deed: This type of deed allows the couple to transfer their property while reserving a life estate for themselves. They retain the right to live on and use the property for their lifetime. Upon the death of both individuals, the named individual automatically becomes the sole owner of the property, without the need for probate. This type is often used by individuals who want to avoid probate and retain control over their property until their passing. 2. Joint Tenancy with Enhanced Life Estate Deed: This deed variation allows the couple to transfer their property to a named individual, while still retaining joint ownership of the property with the individual during their lifetime. This means that all parties have equal rights to the property, including the right to live on and use it. However, upon the death of the last surviving spouse, the named individual automatically becomes the sole owner of the property, again bypassing the need for probate. This type of deed is beneficial for couples who want to maintain joint ownership rights during their lifetime but ensure a smooth transfer of property without probate at the end. In conclusion, the Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed provides an effective and efficient way for couples to transfer their property to an individual while bypassing probate, preserving control, and potentially protecting assets from Medicaid claims. Consider consulting an experienced attorney to determine which type of Enhanced Life Estate Deed suits your specific circumstances and estate planning goals.
