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.
Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is a type of estate planning tool that allows an individual to transfer their property to four individuals while retaining the right to live in the property for the rest of their life. This type of deed is named after Lady Bird Johnson, the former First Lady, who used this estate planning technique. Keywords: Grand Rapids Michigan, Enhanced Life Estate, Lady Bird Deed, Individual, Four Individuals, estate planning, property, transfer, right to live, rest of life, technique. There are different types of Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deeds: 1. Grand Rapids Michigan Enhanced Life Estate Deed — Individual to Four Individuals: In this type of deed, an individual (often the property owner or granter) can transfer the ownership of their property to four individuals (grantees) while retaining the right to live in the property for the remainder of their life. This allows for a seamless transfer of ownership upon the granter's passing, avoiding probate. 2. Grand Rapids Michigan Lady Bird Deed — Individual to Four Individuals: Similar to the Enhanced Life Estate Deed, this type of deed allows the granter to transfer the property to four individuals while retaining the right to live in the property until their death. The Lady Bird Deed offers additional benefits, such as the ability to retain control over the property during the granter's lifetime and the potential for avoiding Medicaid Estate Recovery in certain circumstances. 3. Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Jointly Owned Property: This type of deed can also be utilized for jointly owned property. For example, if a couple jointly owns a property, and they want to transfer the property to four individuals, they can use this deed to accomplish their estate planning goals while ensuring that both spouses can continue to live in the property for the remainder of their lives. 4. Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Trust: Instead of transferring the property to four individuals, the granter can transfer the property to a trust. This allows for added flexibility and control over the property while still retaining the right to use and occupy the property during the granter's lifetime. In conclusion, Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is an effective estate planning tool that allows for the transfer of property while ensuring the granter's right to live in the property for the remainder of their life. By utilizing this deed, individuals can avoid probate, retain control over their property, and plan for the seamless transfer of assets to their chosen beneficiaries.Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is a type of estate planning tool that allows an individual to transfer their property to four individuals while retaining the right to live in the property for the rest of their life. This type of deed is named after Lady Bird Johnson, the former First Lady, who used this estate planning technique. Keywords: Grand Rapids Michigan, Enhanced Life Estate, Lady Bird Deed, Individual, Four Individuals, estate planning, property, transfer, right to live, rest of life, technique. There are different types of Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deeds: 1. Grand Rapids Michigan Enhanced Life Estate Deed — Individual to Four Individuals: In this type of deed, an individual (often the property owner or granter) can transfer the ownership of their property to four individuals (grantees) while retaining the right to live in the property for the remainder of their life. This allows for a seamless transfer of ownership upon the granter's passing, avoiding probate. 2. Grand Rapids Michigan Lady Bird Deed — Individual to Four Individuals: Similar to the Enhanced Life Estate Deed, this type of deed allows the granter to transfer the property to four individuals while retaining the right to live in the property until their death. The Lady Bird Deed offers additional benefits, such as the ability to retain control over the property during the granter's lifetime and the potential for avoiding Medicaid Estate Recovery in certain circumstances. 3. Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Jointly Owned Property: This type of deed can also be utilized for jointly owned property. For example, if a couple jointly owns a property, and they want to transfer the property to four individuals, they can use this deed to accomplish their estate planning goals while ensuring that both spouses can continue to live in the property for the remainder of their lives. 4. Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Trust: Instead of transferring the property to four individuals, the granter can transfer the property to a trust. This allows for added flexibility and control over the property while still retaining the right to use and occupy the property during the granter's lifetime. In conclusion, Grand Rapids Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is an effective estate planning tool that allows for the transfer of property while ensuring the granter's right to live in the property for the remainder of their life. By utilizing this deed, individuals can avoid probate, retain control over their property, and plan for the seamless transfer of assets to their chosen beneficiaries.
