Michigan Life Estate Deed Form For Trust
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How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Individual?
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FAQ
In Michigan, real estate can be transferred via a TOD deed, also known as a beneficiary deed. This deed allows a property owner to designate a beneficiary who will automatically inherit the property upon the owner's death, avoiding probate.
What Is a Life Estate? A Life Estate involves property ownership. In Michigan, an Enhanced Life Estate Deed, or Lady Bird Deed is also a popular option. Michigan also has a Quit Claim Deed for passing on property and defining property interests. Each of these documents helps heirs avoid Probate Court.
Any asset you own can be placed into a trust, including property, but there are very important considerations you need to make before taking such action.
Like a Lady Bird Deed, a trust avoids probate. Unlike a Lady Bird Deed, however, the assets that can be in a trust are more than just the family home. So, for those who have extensive assets or want to protect more than just the family home, a trust can be a good estate planning tool to use.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.