Enhanced Life Estate Deed Example

• Category: Real Estate - Deeds - Enhanced Life Estate or Lady Bird
• State: Michigan
• Control #: MI-06-82
• Format: Word; Rich Text

Description

The Enhanced Life Estate Deed, also known as the Lady Bird Deed, is a legal document used in Michigan to allow homeowners to transfer property to multiple individuals while retaining a life estate. This means the grantor (property owner) can live in and control the property during their lifetime, with the transfer taking full effect upon their death, avoiding probate. The document includes specific fields for the grantor and grantees' names and addresses, which can be filled out digitally or by hand. Key features include the ability to reserve powers for the grantor to sell or mortgage the property while retaining rights to the estate until death. This form also includes provisions to check for exemptions from Michigan's transfer tax, which can facilitate property transfers at low or no cost under specific circumstances. It outlines concurrent ownership options, allowing for different forms of property ownership among grantees, such as tenants in common or joint tenants with rights of survivorship. Attorneys, partners, property owners, and legal assistants will find this form useful for planning and executing property transfers efficiently, ensuring compliance with Michigan state laws. Paralegals and legal assistants will benefit from understanding filing instructions and the significance of accurately completing the form to prevent any legal complications.