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.
Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals In Sterling Heights, Michigan, an Enhanced Life Estate Deed, also known as a Lady Bird Deed, provides individuals with a unique way to transfer real estate property to four different individuals while retaining certain rights and benefits during their lifetime. This type of deed offers flexibility and control over the property, ensuring smooth and efficient transfer of assets. Under a Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals, thgranteror (property owner) retains an enhanced life estate, enabling them to stay in control of the property, live, and use the property for the remainder of their life. This is unlike a traditional life estate, where the granter typically loses control and rights over the property. Additionally, the granter has the power to sell, gift, mortgage, lease, or otherwise encumber the property without the consent of the remainder beneficiaries (the four individuals named in the deed), providing the granter with enhanced flexibility and freedom to manage their property during their lifetime. Upon the passing of the granter, the property automatically transfers to the four named individuals, referred to as remainder beneficiaries, without the need for probate court or the involvement of an executor. The transfer is seamless and allows for continued ownership and use of the property by the beneficiaries. They hold a vested interest in the property, and it becomes their full ownership upon the granter's death. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals offers various benefits, including: 1. Avoiding probate: The enhanced deed allows for the transfer of the property to the named beneficiaries without the need for probate court, eliminating potential delays, costs, and complexities associated with the probate process. 2. Asset protection: By having a Lady Bird Deed, individuals can protect their property from potential Medicaid recovery or long-term care costs, as the property does not pass through the granter's probate estate. 3. Retention of control: The granter retains control over the property during their lifetime, including the ability to modify or sell the property, ensuring they can address any changes in circumstances or needs. 4. Tax benefits: The Enhanced Life Estate Deed does not trigger a reassessment of the property for property tax purposes, which can potentially result in significant tax savings for the granter and beneficiaries. While the Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals generally follows the standard structure and benefits mentioned above, it's important to consult with a real estate attorney to ensure compliance with any specific state laws or regulations. Different states may have slight variations in terminology, requirements, or limitations on the use of this particular deed.Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals In Sterling Heights, Michigan, an Enhanced Life Estate Deed, also known as a Lady Bird Deed, provides individuals with a unique way to transfer real estate property to four different individuals while retaining certain rights and benefits during their lifetime. This type of deed offers flexibility and control over the property, ensuring smooth and efficient transfer of assets. Under a Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals, thgranteror (property owner) retains an enhanced life estate, enabling them to stay in control of the property, live, and use the property for the remainder of their life. This is unlike a traditional life estate, where the granter typically loses control and rights over the property. Additionally, the granter has the power to sell, gift, mortgage, lease, or otherwise encumber the property without the consent of the remainder beneficiaries (the four individuals named in the deed), providing the granter with enhanced flexibility and freedom to manage their property during their lifetime. Upon the passing of the granter, the property automatically transfers to the four named individuals, referred to as remainder beneficiaries, without the need for probate court or the involvement of an executor. The transfer is seamless and allows for continued ownership and use of the property by the beneficiaries. They hold a vested interest in the property, and it becomes their full ownership upon the granter's death. The Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals offers various benefits, including: 1. Avoiding probate: The enhanced deed allows for the transfer of the property to the named beneficiaries without the need for probate court, eliminating potential delays, costs, and complexities associated with the probate process. 2. Asset protection: By having a Lady Bird Deed, individuals can protect their property from potential Medicaid recovery or long-term care costs, as the property does not pass through the granter's probate estate. 3. Retention of control: The granter retains control over the property during their lifetime, including the ability to modify or sell the property, ensuring they can address any changes in circumstances or needs. 4. Tax benefits: The Enhanced Life Estate Deed does not trigger a reassessment of the property for property tax purposes, which can potentially result in significant tax savings for the granter and beneficiaries. While the Sterling Heights Michigan Enhanced Life Estate or Lady Bird Deed — Individual to Four Individuals generally follows the standard structure and benefits mentioned above, it's important to consult with a real estate attorney to ensure compliance with any specific state laws or regulations. Different states may have slight variations in terminology, requirements, or limitations on the use of this particular deed.
