This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is a Trust. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to a retained enhanced life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Detroit Michigan Enhanced Life Estate or Lady Bird Deed - Individual to a Trust
State:
Michigan
City:
Detroit
Control #:
MI-09-82
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Michigan is one of only a handful of states that recognize the use of lady bird deeds as a method of transferring title to real property on the death of the property owner. Other states have similar processes with different names, such as transfer-on-death (TOD) or beneficiary deeds.
In Michigan, a Lady Bird Deed (also known as a Ladybird Deed or Enhanced Life Estate Deed) is a type of Quitclaim Deed that allows you, the creator, to transfer your property upon your death to a named beneficiary without having to go through the expensive and time consuming Probate process.
A ladybird deed?together with joint accounts, beneficiary designations, and transfers on death?can be used to estab- lish a simple estate plan and avoid probate.
A Michigan lady bird deed form allows a person to retain control over Michigan real estate during his or her life and automatically transfer the real estate at his or her death. The property transfer occurs automatically at the prior owner's death, avoiding probate.
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to avoid probate and to give a house to children without giving up the ability to live in it.
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.