This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantors are two individuals or husband and wife and the Grantee is an individual. It is also known as a "Lady Bird" Deed. Grantors conveys the property to Grantee subject to a retained enhanced life estate. The Grantors 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.
Michigan Enhanced Life Estate Deed Without Powers
State:
Michigan
Control #:
MI-03-82
Format:
Word;
Rich Text
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Fill out and file a probate petition with the Michigan probate court in your area. If the deceased left property in her will, the probate court will use a fiduciary deed signed by the executor of the estate to transfer the property to the beneficiary.
Michigan does not allow real estate to be transferred with transfer-on-death deeds. There is a type of deed available in Michigan known as an enhanced life estate deed, or "Lady Bird" deed, that functions like a transfer-on-death deed.
Disadvantages.Confusion Banks and title companies may not understand the non-vested nature of the remainder interest and require that the remaindermen join in a conveyance or a mortgage.Creditors.Homestead Devise Restrictions This type of deed should not be used by an owner with a spouse or minor child.More items...
A standard life estate deed also transfers ownership of a property prior to death. But the owner can't mortgage or sell the home without the permission and "joinder" of their remaindermen. This type of deed effectively gives the remaindermen the property in the present time.
Michigan is one of only a handful of states that recognize the use of lady bird deeds as a method of transferring title to real property on the death of the property owner. Other states have similar processes with different names, such as transfer-on-death (TOD) or beneficiary deeds.
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A "Lady Bird" deed offers a simple way to transfer real estate at your death, without probate. One of the purposes of this type of life estate deed is to avoid probate.Only after the death of the grantor, assuming the power to reclaim ownership is not used, does the grantee become owner of the property.