State Of Michigan Lady Bird Deed Form With Trust
Description
How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Three Individuals?
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FAQ
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.
A Lady Bird Deed (also known as an enhanced life estate deed) is a special type of deed which allows real estate to be transferred to one or more individuals (or a trust) upon your passing. Essentially, it allows you to add a ?beneficiary? to the real estate you own.
A Lady Bird Deed is a tool used to pass real property, such as your home or land, to your heirs upon your death. A Lady Bird Deed avoids probate. Meaning, the real property passes to your named heirs automatically?without court involvement.
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.
Benefits of Michigan Lady Bird Deeds There is no due on sale or acceleration of the mortgage note with a lady bird deed. A married couple retains tenancy by the entireties protection. You can use it to avoid probate, including the legal fees, court cost, and time involved.