This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are three individuals. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Lady Bird Deed In Michigan
State:
Michigan
Control #:
MI-05-82
Format:
Word;
Rich Text
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How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Three Individuals?
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FAQ
While a lady bird deed in Michigan offers several benefits, it also has some disadvantages. For example, if not executed correctly, it can lead to complications regarding estate taxes or Medicaid eligibility. Additionally, the property may not pass outside of probate as intended if there are changes in circumstances. It's important to consider these potential downsides and consult resources like USLegalForms for comprehensive information before proceeding.
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.
A Lady Bird did will not uncap or affect your property tax and does not increase your property's taxable value. The Lady Bird deed does not transfer until the owner's death and therefore, since there is no transfer until death, the property tax is not uncapped.
One of the significant benefits of a Lady Bird Deed is the low cost it attracts in creating it and helping your beneficiaries avoid probate court. Counties charge a recording fee, typically $30, in Michigan. You will also incur legal fees. While the cost varies, it's typically less than $500.
In Michigan, a Lady Bird Deed is very easy to use. You sign a deed giving your property to your chosen heirs, but you retain the right to use the property during your lifetime. You also retain the right to sell, give away, or mortgage the property.