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.
A State of Michigan Lady Bird Deed Form with Signature, also known as an Enhanced Life Estate Deed, is a legal document that allows property owners to transfer their real estate property to their chosen beneficiaries while retaining full control and ownership of the property during their lifetime. This unique type of deed provides numerous benefits, including the ability to avoid probate, qualify for Medicaid coverage, and retain control over the property until passing away. The State of Michigan offers various types of Lady Bird Deed Forms with Signature to cater to different situations and intentions of property owners. Some commonly used forms include: 1. General State of Michigan Lady Bird Deed Form with Signature: This form is designed for property owners who wish to preserve their control over the property, allowing them to sell, mortgage, or even revoke the deed without the consent of the beneficiaries. It provides maximum flexibility and control during the owner's lifetime. 2. Irrevocable State of Michigan Lady Bird Deed Form with Signature: This form restricts the property owner from revoking or modifying the deed once it is executed. It offers additional protection for the designated beneficiaries and is commonly utilized for estate planning purposes or to qualify for Medicaid benefits. 3. Joint State of Michigan Lady Bird Deed Form with Signature: This form is utilized when property owners want to transfer their property with rights of survivorship to multiple beneficiaries or co-owners. It ensures that if one owner passes away, their interest automatically passes to the surviving co-owners without going through probate. 4. Warranty State of Michigan Lady Bird Deed Form with Signature: This form guarantees that the property is free from defects and encumbrances, providing additional assurances to the beneficiaries. It is often used when the property owner wants to enhance the marketability of the property for future sale or lease. It is crucial to consult with an experienced attorney or legal professional to determine the most suitable State of Michigan Lady Bird Deed Form with Signature based on your specific circumstances and objectives.
