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.
Oakland Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is a specific type of real estate transfer that allows an individual to retain full ownership and control of their property during their lifetime, while simultaneously designating four individuals (or any number of beneficiaries) as ultimate recipients of the property upon the individual's death. This type of deed is commonly used in estate planning to bypass probate and simplify the transfer of property. The main advantage of the Oakland Michigan Enhanced Life Estate or Lady Bird Deed is that it allows the individual to maintain complete control over the property during their lifetime. They can continue to live on the property, rent it out, sell it, or make any changes as desired, without the consent or involvement of the beneficiaries. The deed gets its name from former First Lady Bird Johnson, who popularized this type of real estate transfer in Texas. While it is also commonly known as an Enhanced Life Estate Deed or Lady Bird Deed, the specific term used in Oakland County, Michigan, is the Oakland Michigan Enhanced Life Estate or Lady Bird Deed. There are various variations of this deed type, including: 1. Enhanced Life Estate or Lady Bird Deed with Survivorship: In this variation, the property automatically passes to the named beneficiaries without the need for probate upon the individual's death. If any of the beneficiaries pass away before the individual, their share will go to the remaining beneficiaries. 2. Enhanced Life Estate or Lady Bird Deed with Joint Tenancy: With this variation, the individual retains ownership with the beneficiaries as joint tenants during their lifetime. This means that if any of the beneficiaries pass away before the individual, their share automatically goes to the surviving beneficiaries. 3. Enhanced Life Estate or Lady Bird Deed with Remainder Interest: In this variation, the beneficiaries have a remainder interest in the property, meaning they will only receive the property upon the individual's death. Unlike the other variations, the individual can't sell or mortgage the property without the consent of the beneficiaries. 4. Enhanced Life Estate or Lady Bird Deed as part of a Trust: This variation involves incorporating the Enhanced Life Estate or Lady Bird Deed into a trust structure. It offers additional flexibility in estate planning and can help minimize estate taxes or protect assets. It's important to consult with an experienced attorney to understand the specific legal requirements and implications of each variation of the Oakland Michigan Enhanced Life Estate or Lady Bird Deed. Each individual's situation and goals may differ, so customized advice is essential to ensure the smooth transfer of assets according to their wishes.Oakland Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals is a specific type of real estate transfer that allows an individual to retain full ownership and control of their property during their lifetime, while simultaneously designating four individuals (or any number of beneficiaries) as ultimate recipients of the property upon the individual's death. This type of deed is commonly used in estate planning to bypass probate and simplify the transfer of property. The main advantage of the Oakland Michigan Enhanced Life Estate or Lady Bird Deed is that it allows the individual to maintain complete control over the property during their lifetime. They can continue to live on the property, rent it out, sell it, or make any changes as desired, without the consent or involvement of the beneficiaries. The deed gets its name from former First Lady Bird Johnson, who popularized this type of real estate transfer in Texas. While it is also commonly known as an Enhanced Life Estate Deed or Lady Bird Deed, the specific term used in Oakland County, Michigan, is the Oakland Michigan Enhanced Life Estate or Lady Bird Deed. There are various variations of this deed type, including: 1. Enhanced Life Estate or Lady Bird Deed with Survivorship: In this variation, the property automatically passes to the named beneficiaries without the need for probate upon the individual's death. If any of the beneficiaries pass away before the individual, their share will go to the remaining beneficiaries. 2. Enhanced Life Estate or Lady Bird Deed with Joint Tenancy: With this variation, the individual retains ownership with the beneficiaries as joint tenants during their lifetime. This means that if any of the beneficiaries pass away before the individual, their share automatically goes to the surviving beneficiaries. 3. Enhanced Life Estate or Lady Bird Deed with Remainder Interest: In this variation, the beneficiaries have a remainder interest in the property, meaning they will only receive the property upon the individual's death. Unlike the other variations, the individual can't sell or mortgage the property without the consent of the beneficiaries. 4. Enhanced Life Estate or Lady Bird Deed as part of a Trust: This variation involves incorporating the Enhanced Life Estate or Lady Bird Deed into a trust structure. It offers additional flexibility in estate planning and can help minimize estate taxes or protect assets. It's important to consult with an experienced attorney to understand the specific legal requirements and implications of each variation of the Oakland Michigan Enhanced Life Estate or Lady Bird Deed. Each individual's situation and goals may differ, so customized advice is essential to ensure the smooth transfer of assets according to their wishes.
