Detroit Michigan Enhanced Life Estate or Lady Bird Deed - Two Individuals / Husband and Wife to an Individual

State:
Michigan
City:
Detroit
Control #:
MI-03-82
Format:
Word; 
Rich Text
Instant download

Description

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.

A Detroit Michigan Enhanced Life Estate or Lady Bird Deed is a legal instrument that allows two individuals, specifically a husband and wife, to transfer their ownership of real property to an individual while retaining the right to use and enjoy the property during their lifetime. This type of deed is a flexible estate planning tool that provides numerous benefits, including avoiding probate, preserving Medicaid eligibility, and securing the property for the individual receiving it. In a Detroit Michigan Enhanced Life Estate or Lady Bird Deed, the husband and wife, who are also known as the granters, convey the property to a third party, referred to as the grantee or remainder man. However, they reserve a life estate for themselves, meaning they have the right to occupy, use, and receive income from the property until their death. This allows them to maintain control and enjoyment of the property while still ensuring its transfer to the designated individual upon their passing. One significant advantage of this type of deed is that it bypasses the need for probate. Upon the husband and wife's death, the property automatically transfers to the grantee without the involvement of the court or the need for a lengthy and expensive probate process. This not only saves time and money but also provides peace of mind to the grantee, as the property transfer is swift and efficient. Another benefit of the Detroit Michigan Enhanced Life Estate or Lady Bird Deed is that it can help preserve Medicaid eligibility. If the husband and wife ever require long-term care and must apply for Medicaid benefits, the property can be excluded from consideration as an asset in their eligibility assessment. This is because they technically do not own the property outright but instead hold a life estate interest. Consequently, the property is shielded from being counted towards their total assets, allowing them to qualify for Medicaid benefits while still preserving the property for the grantee. Additionally, this type of deed guarantees that the property will ultimately transfer to the grantee. Unlike a traditional life estate arrangement, where the grantee's interest only becomes absolute upon the death of the last surviving life tenant, the Detroit Michigan Enhanced Life Estate or Lady Bird Deed allows for the grantee's immediate ownership. This means that the grantee has full control over the property once the deed is executed. This provision ensures security for both the granters and the grantee, as the granters can rest assured knowing the property will be transferred to their chosen individual, while the grantee can enjoy the property without the fear of future complications or disputes. It is important to note that there may be variations or different types of Detroit Michigan Enhanced Life Estate or Lady Bird Deeds, such as those tailored for specific circumstances or individuals. However, the fundamental concept remains the same — the transferors (husband and wife) retain a life estate while conveying the property to an individual (grantee) who gains ownership upon the transferors' death. It is advisable to consult with a knowledgeable attorney or estate planner to understand the specific nuances and legalities of these deeds, as they may vary based on individual situations or legal requirements.

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FAQ

Cost of a Lady Bird Deed This price typically includes the time spent researching your deed, preparing the Lady Bird Deed, and the time spent to sign and record the deed. Your county will charge a recording fee to record the deed. The fee in Michigan is typically $30.00.

A Lady Bird deed is a special kind of deed that is commonly recognized by Texas law. Also called an enhanced life estate deed, it can be used to transfer property to beneficiaries outside of probate. It gives the current owner continued control over the property until his or her death.

The transfer happens automatically, without the need to probate the property. Michigan is one of only five states that recognizes lady bird deeds. The other states include Florida, Texas, Vermont, and West Virginia.

Living Trusts In Michigan, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.

In Michigan, a Lady Bird Deed (also known as a Ladybird Deed or Enhanced Life Estate Deed) is a type of Quitclaim Deed that allows you, the creator, to transfer your property upon your death to a named beneficiary without having to go through the expensive and time consuming Probate process.

Michigan is one of only a handful of states that recognize the use of lady bird deeds as a method of transferring title to real property on the death of the property owner. Other states have similar processes with different names, such as transfer-on-death (TOD) or beneficiary deeds.

A Michigan lady bird deed form allows a person to retain control over Michigan real estate during his or her life and automatically transfer the real estate at his or her death. The property transfer occurs automatically at the prior owner's death, avoiding probate.

Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.

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Detroit Michigan Enhanced Life Estate or Lady Bird Deed - Two Individuals / Husband and Wife to an Individual