This form is a Quitclaim Deed with a retained Enhanced Life Estate where 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.
The Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is a special type of property deed that allows an individual to transfer their property to a trust during their lifetime while retaining the right to use and occupy the property for the rest of their life. This enhanced life estate deed is especially advantageous for estate planning purposes as it helps avoid probate and potential Medicaid estate recovery claims. Also known as a "Lady Bird Deed," this unique estate planning tool originated in Texas but gained popularity in Michigan, including Ann Arbor. It provides a flexible way to transfer property to a trust while ensuring the granter, or the individual transferring the property, retains control and use of the property until their death. This type of deed allows for the seamless transfer of real estate without the need for court involvement or probate proceedings. There are different variations of the Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed, each designed to meet specific estate planning goals. These variations include: 1. Basic Enhanced Life Estate Deed: This type of deed is the simplest version of the Lady Bird Deed, enabling the granter to retain a life estate while transferring the property to a trust. The granter can sell, mortgage, or change the beneficiary of the property at any time during their lifetime. 2. Enhanced Life Estate with Powers: This version of the Lady Bird Deed grants the granter additional powers, such as the ability to lease the property or preserve their eligibility for public benefits like Medicaid. 3. Enhanced Life Estate with Reserve Powers: This type of Lady Bird Deed allows the granter to retain powers beyond those traditionally associated with a life estate. These powers may include the ability to change beneficiaries, sell the property, or even revoke the deed entirely. By utilizing the Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed, individuals can effectively protect their property while ensuring a smooth transition of ownership upon their passing. It is important to consult with an experienced estate planning attorney who can explain the various options available and help tailor the deed to specific circumstances and goals.The Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed is a special type of property deed that allows an individual to transfer their property to a trust during their lifetime while retaining the right to use and occupy the property for the rest of their life. This enhanced life estate deed is especially advantageous for estate planning purposes as it helps avoid probate and potential Medicaid estate recovery claims. Also known as a "Lady Bird Deed," this unique estate planning tool originated in Texas but gained popularity in Michigan, including Ann Arbor. It provides a flexible way to transfer property to a trust while ensuring the granter, or the individual transferring the property, retains control and use of the property until their death. This type of deed allows for the seamless transfer of real estate without the need for court involvement or probate proceedings. There are different variations of the Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed, each designed to meet specific estate planning goals. These variations include: 1. Basic Enhanced Life Estate Deed: This type of deed is the simplest version of the Lady Bird Deed, enabling the granter to retain a life estate while transferring the property to a trust. The granter can sell, mortgage, or change the beneficiary of the property at any time during their lifetime. 2. Enhanced Life Estate with Powers: This version of the Lady Bird Deed grants the granter additional powers, such as the ability to lease the property or preserve their eligibility for public benefits like Medicaid. 3. Enhanced Life Estate with Reserve Powers: This type of Lady Bird Deed allows the granter to retain powers beyond those traditionally associated with a life estate. These powers may include the ability to change beneficiaries, sell the property, or even revoke the deed entirely. By utilizing the Ann Arbor Michigan Enhanced Life Estate or Lady Bird Deed, individuals can effectively protect their property while ensuring a smooth transition of ownership upon their passing. It is important to consult with an experienced estate planning attorney who can explain the various options available and help tailor the deed to specific circumstances and goals.
