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.
The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed is a type of real estate transfer that allows two individuals, typically a husband and wife, to transfer their property to an individual. This estate planning tool is commonly used to ensure the smooth transfer of property while still maintaining control and enjoyment of the property during the couple's lifetime. In this type of deed, the couple retains a life estate, meaning they have the right to live in and use the property for the rest of their lives. They also have the ability to sell the property, change their minds, or revoke the deed entirely if they wish. However, upon their passing, the property automatically transfers to the named individual without the need for probate or any additional legal proceedings. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed has several variations that cater to different situations and preferences. Some common types include: 1. Traditional Lady Bird Deed: This is the standard form of the deed where the couple retains a life estate while transferring ownership to an individual. It allows the couple to freely modify or undo the transfer during their lifetime. 2. Enhanced Lady Bird Deed: This variation provides additional safeguards for the couple, such as the ability to change the named individual or the right to sell the property without the individual's consent. 3. Joint Lady Bird Deed: This type of deed allows couples to transfer the property jointly to an individual. In this case, both spouses hold a life estate and have equal rights to the property during their lifetime. 4. Husband and Wife with Remainder Interest: This variation allows the couple to transfer the property to an individual while retaining a remainder interest. This means that upon their passing, the property passes to a further designated beneficiary, rather than the named individual. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed provides a flexible and efficient way for couples to plan their estate. By using this deed, they can simplify the transfer process, avoid probate, and ensure that their wishes for the property are carried out.The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed is a type of real estate transfer that allows two individuals, typically a husband and wife, to transfer their property to an individual. This estate planning tool is commonly used to ensure the smooth transfer of property while still maintaining control and enjoyment of the property during the couple's lifetime. In this type of deed, the couple retains a life estate, meaning they have the right to live in and use the property for the rest of their lives. They also have the ability to sell the property, change their minds, or revoke the deed entirely if they wish. However, upon their passing, the property automatically transfers to the named individual without the need for probate or any additional legal proceedings. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed has several variations that cater to different situations and preferences. Some common types include: 1. Traditional Lady Bird Deed: This is the standard form of the deed where the couple retains a life estate while transferring ownership to an individual. It allows the couple to freely modify or undo the transfer during their lifetime. 2. Enhanced Lady Bird Deed: This variation provides additional safeguards for the couple, such as the ability to change the named individual or the right to sell the property without the individual's consent. 3. Joint Lady Bird Deed: This type of deed allows couples to transfer the property jointly to an individual. In this case, both spouses hold a life estate and have equal rights to the property during their lifetime. 4. Husband and Wife with Remainder Interest: This variation allows the couple to transfer the property to an individual while retaining a remainder interest. This means that upon their passing, the property passes to a further designated beneficiary, rather than the named individual. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed provides a flexible and efficient way for couples to plan their estate. By using this deed, they can simplify the transfer process, avoid probate, and ensure that their wishes for the property are carried out.
