A Lansing Michigan Warranty Deed for Parents to Child with Reservation of Life Estate is a legal document that transfers ownership of a property from parents to their child while retaining a life estate for the parents. This particular type of deed ensures that the parents maintain the right to use and occupy the property for the remainder of their lives, while also providing for the transfer of title to the child upon their passing. Keywords: Lansing Michigan, Warranty Deed, Parents, Child, Reservation of Life Estate, transfer of ownership, legal document, property, title, life estate. There are two main types of Lansing Michigan Warranty Deed for Parents to Child with Reservation of Life Estate: 1. Lansing Michigan Warranty Deed with Reservation of Life Estate: This type of deed establishes the parents' lifetime right to enjoy and occupy the property, while granting the child the future ownership rights. The parents, also known as the granters, transfer the property to their child, referred to as the grantee, with the condition that they retain a life estate. 2. Lansing Michigan Enhanced Life Estate Deed: This variation of the warranty deed allows the parents, as the life tenants, to have more flexibility with the property during their lifetime. They have the ability to sell, mortgage, or even gift the property without the consent of the child/grantee. However, upon the parents' passing, the property automatically transfers to the child without going through probate. Overall, a Lansing Michigan Warranty Deed for Parents to Child with Reservation of Life Estate is a powerful estate planning tool that allows parents to transfer ownership of a property to their child while ensuring they have the right to enjoy and occupy the property throughout their lifetime. It provides peace of mind by clarifying the transfer of title and offering protection for both parties involved. Keywords: Lansing Michigan, Warranty Deed, Parents, Child, Reservation of Life Estate, transfer of ownership, legal document, property, title, life estate, Enhanced Life Estate Deed, probate, estate planning, granters, grantees, lifetime right, peace of mind.
Lansing Michigan Warranty Deed for Parents to Child with Reservation of Life Estate
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