This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four 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.
A Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is a specific type of property transfer document that allows an individual (the granter) to retain control and ownership of their property during their lifetime while designating four specific individuals (grantees) as the ultimate beneficiaries of the property upon the granter's death. This type of deed is commonly used in estate planning to avoid probate and ensure a smooth transfer of assets. The term "enhanced life estate" refers to the fact that the granter retains certain rights and benefits during their lifetime, such as the ability to sell or mortgage the property without the consent of the grantees. This type of deed is also known as a "Lady Bird Deed" due to its association with former First Lady Bird Johnson, who implemented this type of property transfer in Texas. In Detroit, Michigan, there are several variations of the Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals, including: 1. Traditional Enhanced Life Estate Deed: This deed allows the granter to transfer the property to the four individuals while reserving a life estate for themselves. This means that the granter has the right to use and enjoy the property during their lifetime, including the right to live in the property and collect any income generated by it. 2. Enhanced Life Estate Deed with Powers: This type of deed provides the granter with additional powers, such as the ability to terminate, revoke, or modify the deed without seeking the consent of the grantees. This offers the granter more flexibility and control over the property. 3. Enhanced Life Estate Deed with Medicaid Planning: This variant of the Lady Bird Deed ensures that the granter can retain eligibility for Medicaid by preserving their home as an exempt asset while still transferring ownership to the four individuals upon the granter's death. By using a Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals, thgranteror can avoid the lengthy and costly probate process, ensuring a swift transfer of the property to the grantees. It is essential to consult with a qualified attorney experienced in estate planning and Michigan real estate law to draft and execute such a deed accurately, ensuring compliance with all legal requirements and maximizing the benefits for the granter and grantees.A Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is a specific type of property transfer document that allows an individual (the granter) to retain control and ownership of their property during their lifetime while designating four specific individuals (grantees) as the ultimate beneficiaries of the property upon the granter's death. This type of deed is commonly used in estate planning to avoid probate and ensure a smooth transfer of assets. The term "enhanced life estate" refers to the fact that the granter retains certain rights and benefits during their lifetime, such as the ability to sell or mortgage the property without the consent of the grantees. This type of deed is also known as a "Lady Bird Deed" due to its association with former First Lady Bird Johnson, who implemented this type of property transfer in Texas. In Detroit, Michigan, there are several variations of the Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals, including: 1. Traditional Enhanced Life Estate Deed: This deed allows the granter to transfer the property to the four individuals while reserving a life estate for themselves. This means that the granter has the right to use and enjoy the property during their lifetime, including the right to live in the property and collect any income generated by it. 2. Enhanced Life Estate Deed with Powers: This type of deed provides the granter with additional powers, such as the ability to terminate, revoke, or modify the deed without seeking the consent of the grantees. This offers the granter more flexibility and control over the property. 3. Enhanced Life Estate Deed with Medicaid Planning: This variant of the Lady Bird Deed ensures that the granter can retain eligibility for Medicaid by preserving their home as an exempt asset while still transferring ownership to the four individuals upon the granter's death. By using a Detroit Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals, thgranteror can avoid the lengthy and costly probate process, ensuring a swift transfer of the property to the grantees. It is essential to consult with a qualified attorney experienced in estate planning and Michigan real estate law to draft and execute such a deed accurately, ensuring compliance with all legal requirements and maximizing the benefits for the granter and grantees.
