This form is a Enhanced Life Estate Deed, a.k.a. a Lady Bird Deed, where the Grantors are two individuals, or husband and wife, and the Grantee is a Trust. This transfer is revocable by either Grantor until their death and effective only upon the death of the last surviving Grantor. This deed complies with all state statutory laws.
Grand Rapids Michigan offers various types of Enhanced Life Estate or Lady Bird Warranty Deeds from Two Individuals or Husband & Wife to a Trust. These conveyances provide unique legal mechanisms to transfer property while allowing the creators of the trust, typically the elderly individuals or a married couple, to retain certain rights and control during their lifetime. Let's take a closer look at these forms of deeds: 1. Enhanced Life Estate Deed: An Enhanced Life Estate Deed, often referred to as a Lady Bird Deed, also known as an Enhanced Life Estate or Grantee Deed with Reserved Life Estate, is a legal tool that allows the property owners to transfer the property outside of probate upon their death while still retaining several rights and benefits. The granters maintain the right to control, use, and profit from the property during their lifetime. However, they retain the power to transfer or revoke the deed whenever they wish. 2. Lady Bird Warranty Deed: Similar to the Enhanced Life Estate Deed, the Lady Bird Warranty Deed is a specific type of Enhanced Life Estate Deed commonly used in Michigan. It provides the granters with the same rights and benefits as mentioned previously while also offering additional warranties of a typical warranty deed. This ensures that the grantee receives the property free and clear of any encumbrances, ensuring a more secure transfer process. These forms of transfer have gained popularity due to their ability to avoid probate, save on potential estate taxes, enable Medicaid planning, and simplify the transfer of property upon the granters' passing. By utilizing these deeds, individuals or married couples can protect their property and control its destiny while ensuring a smooth transition to their chosen trust. It is important to note that consulting a qualified estate planning attorney is essential when dealing with these legal instruments. They can provide personalized advice based on the specific circumstances and goals of the granters, helping ensure a proper and compliant transfer.Grand Rapids Michigan offers various types of Enhanced Life Estate or Lady Bird Warranty Deeds from Two Individuals or Husband & Wife to a Trust. These conveyances provide unique legal mechanisms to transfer property while allowing the creators of the trust, typically the elderly individuals or a married couple, to retain certain rights and control during their lifetime. Let's take a closer look at these forms of deeds: 1. Enhanced Life Estate Deed: An Enhanced Life Estate Deed, often referred to as a Lady Bird Deed, also known as an Enhanced Life Estate or Grantee Deed with Reserved Life Estate, is a legal tool that allows the property owners to transfer the property outside of probate upon their death while still retaining several rights and benefits. The granters maintain the right to control, use, and profit from the property during their lifetime. However, they retain the power to transfer or revoke the deed whenever they wish. 2. Lady Bird Warranty Deed: Similar to the Enhanced Life Estate Deed, the Lady Bird Warranty Deed is a specific type of Enhanced Life Estate Deed commonly used in Michigan. It provides the granters with the same rights and benefits as mentioned previously while also offering additional warranties of a typical warranty deed. This ensures that the grantee receives the property free and clear of any encumbrances, ensuring a more secure transfer process. These forms of transfer have gained popularity due to their ability to avoid probate, save on potential estate taxes, enable Medicaid planning, and simplify the transfer of property upon the granters' passing. By utilizing these deeds, individuals or married couples can protect their property and control its destiny while ensuring a smooth transition to their chosen trust. It is important to note that consulting a qualified estate planning attorney is essential when dealing with these legal instruments. They can provide personalized advice based on the specific circumstances and goals of the granters, helping ensure a proper and compliant transfer.
