This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are three individuals. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
The Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Three Individuals is a legal instrument commonly used in estate planning in Detroit, Michigan. This type of deed allows an individual to maintain control over their property during their lifetime, while also ensuring a seamless transfer of ownership to three chosen individuals upon their death, without the need for probate. A Lady Bird Deed, also known as an Enhanced Life Estate Deed or an Estate Preservation Deed, is a variant of the traditional life estate deed. It gained its nickname from being used by President Lyndon B. Johnson to transfer property to his wife, Lady Bird Johnson. Detroit, Michigan, has adopted this form of deed and recognizes it as a valid legal instrument within the state. Unlike a traditional life estate deed, a Detroit Michigan Enhanced Life Estate or Lady Bird Deed allows the property owner to retain control over their property during their lifetime. They have the right to sell, lease, mortgage, or otherwise transfer the property without the consent or approval of the beneficiaries named in the deed. This ensures flexibility and the ability to freely make decisions regarding the property without any restrictions. Upon the death of the property owner, ownership of the property automatically transfers to the three named individuals without the need for probate. This simplifies the transfer process and avoids potential delays and costs associated with probate court proceedings. The individuals named in the deed, known as remainder beneficiaries, become the legal owners of the property immediately upon the owner's death. The Detroit Michigan Enhanced Life Estate or Lady Bird Deed is particularly beneficial for individuals who wish to ensure a smooth transfer of their property to specific individuals, such as family members, without the complications of probate. It can be an effective estate planning tool for individuals who want to avoid the potential for disputes or claims on the property after their passing. It is important to note that there may be variations or different types of the Detroit Michigan Enhanced Life Estate or Lady Bird Deed that cater to specific circumstances or requirements. These variations can include individual-to-individual deeds, individual-to-spouse deeds, or individual-to-trustee deeds, among others. Each variant has specific implications and requirements, so it is crucial to consult with a legal professional experienced in Detroit, Michigan, estate planning to ensure the deed meets the property owner's specific needs.
