Michigan Life Estate With Reversion
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FAQ
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.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.
A life estate deed is a legal document that changes the ownership of a property while allowing you to live there until death. It might be useful for those wanting to avoid the probate process in Michigan, ensure the future ownership of their property, or even qualify for Medicaid.
The difference between a reversion and a remainder, is that in reversion the particular estate will fall into the possession of the original grantor or his representative after the death of the tenant for life, whereas in remainder the estate which under the same circumstances will fall into the possession of a person ...
The ordinary conventional life estate with remainder or reversion, for example, does not continue for an indefinite period but terminates when the person on whose life the estate is based, or the life tenant, becomes deceased.