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.
Mi Enhanced Deed With Right Of Survivorship
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
In a joint tenancy arrangement, each owner has a right of survivorship with each of the other owners. This means that if one owner passes away, that owner's property interest automatically passes equally to the surviving owners. When there is only one surviving owner left, they inherit full interest in the property.
Joint Tenants The right of survivorship means that on the death of one co-owner, that co-owner's interest in the property will pass automatically to the surviving co-owner(s) by law. This means that you cannot leave your share of a property that you own as joint tenants to someone in your Will.
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.
For example, if two people, Mark and Amanda, own a property together and Mark dies, then Amanda will become to sole owner of the property even if this is not detailed in the will because the two of them purchased the property together.