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.
Wayne Michigan Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife tan Individual keywords: Wayne Michigan, Enhanced Life Estate, Lady Bird Deed, Two Individuals, Husband and Wife In Wayne County, Michigan, the Enhanced Life Estate or Lady Bird Deed is a legal instrument that offers unique estate planning options for two individuals, specifically a husband and wife, who wish to transfer their property rights to another individual. This deed allows the granters (husband and wife) to retain control and ownership of the property during their lifetimes while ensuring a smooth transfer of ownership after their passing. There are two main types of Enhanced Life Estate or Lady Bird Deeds available for married couples in Wayne, Michigan: 1. Enhanced Life Estate Deed: This type of deed allows the granters to maintain full control and ownership of the property during their lifetimes. They have the right to use, occupy, and sell the property without any restrictions. However, upon their passing, the property automatically transfers to the designated individual, also known as the remainder beneficiary, without the need for probate. 2. Lady Bird Deed: Similar to an Enhanced Life Estate Deed, the Lady Bird Deed allows the granters to retain complete control and ownership of the property during their lifetimes. With this deed, the granters can modify or revoke the deed at any time, giving them freedom and flexibility in managing their property. Upon their passing, the property seamlessly passes to the designated individual without the need for probate. Both deeds are popular choices for estate planning because they offer several benefits: 1. Avoidance of Probate: By using an Enhanced Life Estate or Lady Bird Deed, the transfer of ownership is not subject to the lengthy and costly probate process. This helps save time and expenses for the granters and their heirs. 2. Medicaid Planning: These deeds allow the granters to retain Medicaid eligibility, as the property is not considered a countable asset for Medicaid purposes during their lifetimes. 3. Control and Flexibility: Granters have the ability to maintain full control over their property, including the right to sell, lease or mortgage it without obtaining the consent of the remainder beneficiary. 4. Property Tax Benefits: The transfer of ownership through an Enhanced Life Estate or Lady Bird Deed may help in preserving certain property tax exemptions or benefits that the granters currently enjoy. When it comes to estate planning involving property transfers in Wayne County, Michigan, the Enhanced Life Estate or Lady Bird Deed for two individuals, specifically a husband and wife, provides a reliable and convenient solution. These deeds offer control, flexibility, and the peace of mind that comes with knowing that the property will seamlessly pass to the designated individual upon the granters' passing, without the need for probate.Wayne Michigan Enhanced Life Estate or Lady Bird Deed — Two Individuals / Husband and Wife tan Individual keywords: Wayne Michigan, Enhanced Life Estate, Lady Bird Deed, Two Individuals, Husband and Wife In Wayne County, Michigan, the Enhanced Life Estate or Lady Bird Deed is a legal instrument that offers unique estate planning options for two individuals, specifically a husband and wife, who wish to transfer their property rights to another individual. This deed allows the granters (husband and wife) to retain control and ownership of the property during their lifetimes while ensuring a smooth transfer of ownership after their passing. There are two main types of Enhanced Life Estate or Lady Bird Deeds available for married couples in Wayne, Michigan: 1. Enhanced Life Estate Deed: This type of deed allows the granters to maintain full control and ownership of the property during their lifetimes. They have the right to use, occupy, and sell the property without any restrictions. However, upon their passing, the property automatically transfers to the designated individual, also known as the remainder beneficiary, without the need for probate. 2. Lady Bird Deed: Similar to an Enhanced Life Estate Deed, the Lady Bird Deed allows the granters to retain complete control and ownership of the property during their lifetimes. With this deed, the granters can modify or revoke the deed at any time, giving them freedom and flexibility in managing their property. Upon their passing, the property seamlessly passes to the designated individual without the need for probate. Both deeds are popular choices for estate planning because they offer several benefits: 1. Avoidance of Probate: By using an Enhanced Life Estate or Lady Bird Deed, the transfer of ownership is not subject to the lengthy and costly probate process. This helps save time and expenses for the granters and their heirs. 2. Medicaid Planning: These deeds allow the granters to retain Medicaid eligibility, as the property is not considered a countable asset for Medicaid purposes during their lifetimes. 3. Control and Flexibility: Granters have the ability to maintain full control over their property, including the right to sell, lease or mortgage it without obtaining the consent of the remainder beneficiary. 4. Property Tax Benefits: The transfer of ownership through an Enhanced Life Estate or Lady Bird Deed may help in preserving certain property tax exemptions or benefits that the granters currently enjoy. When it comes to estate planning involving property transfers in Wayne County, Michigan, the Enhanced Life Estate or Lady Bird Deed for two individuals, specifically a husband and wife, provides a reliable and convenient solution. These deeds offer control, flexibility, and the peace of mind that comes with knowing that the property will seamlessly pass to the designated individual upon the granters' passing, without the need for probate.
