Michigan Estate Deed Without Powers
Description
How to fill out Michigan Enhanced Life Estate Or Lady Bird Deed - Individual To Four Individuals?
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FAQ
The 120-hour rule in Michigan states that any beneficiary must survive the decedent by at least 120 hours to inherit under their will or through intestate succession. This rule is particularly important when dealing with estates that might involve a Michigan estate deed without powers, as it affects how property is distributed after death.
Michigan lady bird deeds allow the current owner to name a future owner who will take title when the current owner dies, but the current owner keeps complete control over the property for life.
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
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.
Sign and date the quitclaim deed in a notary's presence, then file it with the County Register of Deeds Office in the property's county, not the county where you live. Once the deed is filed and recorded, the transfer is deemed legal.