This form is an Enhanced Life Estate Deedwhere the Grantor is an Individual and the Grantee is a Trust. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to a retained enhanced life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Wayne Michigan Enhanced Life Estate or Lady Bird Warranty Deed — Individual to a Trust: A Comprehensive Guide In Wayne, Michigan, the Enhanced Life Estate Deed (also known as the Lady Bird Deed) is a useful legal tool that allows property owners to transfer their property to a trust while retaining certain rights during their lifetime. This type of deed offers flexibility and control over the property while avoiding the probate process upon the owner's demise. Let's explore the intricacies of this type of deed, its benefits, and the variations it may have. 1. What is an Enhanced Life Estate or Lady Bird Warranty Deed? — An Enhanced Life Estate or Lady Bird Warranty Deed is a legal document that facilitates the transfer of property from an individual, referred to as the "granter," to a trust, known as the "grantee," while maintaining the granter's rights and control. — This deed enables property owners to avoid probate and ensure a seamless transfer of property upon their passing. 2. How does an Enhanced Life Estate Deed Work? — By executing an Enhanced Life Estate Deed, the granter retains a life estate and the right to use, sell, or mortgage the property throughout their lifetime. — After thgranteror's death, the property smoothly passes to the named beneficiaries or the trust mentioned in the deed, without undergoing the probate process. 3. Benefits of an Enhanced Life Estate Deed: — Probate avoidance: The deed allows the property to bypass probate and reduces the associated time and expenses. — Medicaid planning: By transferring the property to a trust, the granter may potentially protect their assets from being counted towards Medicaid eligibility. — Retained control: Thgranteror retains the right to use, manage, sell, or refinance the property without needing the beneficiaries' consent. — Tax advantages: Depending on the circumstances, this transfer may result in potential tax benefits for the granter or their heirs. 4. Different Types of Enhanced Life Estate Deeds: — Standard Lady Bird Deed: The most common form of an Enhanced Life Estate Deed, it typically includes the granter's right to live in and use the property during their lifetime, with the remainder passing to the beneficiaries upon their demise. — Trust Transfer Lady Bird Deed: This variation involves transferring the property directly from an individual owner to a trust, bypassing the granter's right to retain a life estate. It may be suitable for those who prefer to transfer the property directly into their trust structure. In summary, the Wayne Michigan Enhanced Life Estate or Lady Bird Warranty Deed — Individual to a Trust provides property owners with a convenient method to protect their assets, retain control over their property during their lifetime, and ensure its seamless transfer to their beneficiaries. Consultation with a trusted attorney well-versed in the laws specific to Wayne, Michigan, is highly recommended exploring the available options and determine the most suitable course of action for an individual's circumstances.
