This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four 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.
Enhanced Life Estate Deed Michigan With Texas
State:
Michigan
Control #:
MI-06-82
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Four Individuals?
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FAQ
This means the life tenant can mortgage or unwind the transfer and sell the property to a third party. These deeds are only used in Texas, Florida, Michigan, Vermont and West Virginia and are not recognized by any other state.
In a Michigan lady bird deed, a person retains the right to own property throughout their lifetime and automatically transfers it when they die - an enhanced life estate deed. Property transfers occur automatically upon previous owners' death, so that a person can avoid probate.
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.
You must sign the deed and get your signature notarized, and then record (file) the deed with the county clerk's office before your death. Otherwise, it won't be valid. You can make a Texas transfer on death deed with WillMaker.
The Transfer on Death Deed must: Be in writing, signed by the owner, and notarized, Have a legal description of the property (The description is found on the deed to the property or in the deed records. ... Have the name and address of one or more beneficiaries, State that the transfer will happen at the owner's death,