Michigan Estate Deed Form With Trust

State:
Michigan
Control #:
MI-06-82
Format:
Word; 
Rich Text
Instant download

Description

The Michigan Enhanced Life Estate Deed, commonly referred to as a Lady Bird Deed, allows property owners to transfer ownership while retaining a life estate. This form is particularly useful for transferring property to multiple individuals, such as family members, without immediate tax implications. Key features include the ability for the grantor to maintain control over the property during their lifetime and the option to specify how co-owners will hold the property, such as as tenants in common or joint tenants with the right of survivorship. The form includes instructions for completing and filing, emphasizing the importance of noting any exemptions from Michigan transfer taxes. Specific use cases for the target audience, including attorneys, partners, and paralegals, involve ensuring proper estate planning, facilitating property transfers in a tax-efficient manner, and helping clients avoid probate court. Users are guided to select appropriate tax exemption sections and complete necessary state forms when applicable. The document reflects both security for the grantor and ease of transfer for the grantees, making it a vital tool in estate planning.
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  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals
  • Preview Enhanced Life Estate or Lady Bird Deed - Individual to Four Individuals

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FAQ

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.

If you have a trust in Michigan, state law provides that you can register the trust. Registering a Michigan trust is not required (except for certain charitable trusts, as discussed below). Even for non-charitable trusts, there are good reasons that a trust should be registered.

Sign and date the quitclaim deed in a notary's presence, then file it with the County Register of Deeds Office in the property's county, not the county where you live. Once the deed is filed and recorded, the transfer is deemed legal.

Here's your step-by-step guide: Decide what type of trust you want. For single people, a single trust is the only available choice. ... Next you'll need to take stock of your property. ... Pick a trustee. ... Create the trust document. ... Sign the trust document in front of a notary public. Fund the trust by placing property into it.

A Certificate of Trust may need to be recorded in the county that any real property is in. That said, if there's no real property owned by the Trust, there may not be any need to record it.

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Michigan Estate Deed Form With Trust