The Michigan lady bird deed has several key features that make it an attractive option for many property owners. First, the deed allows the grantor to retain control of her property during their lifetime. They can continue to live in the property, use it for income-producing activities, or sell it if they desire. Second, the deed provides that upon the grantor’s death, their children will inherit the property free and clear of any debts or liens. This means that they will not have to worry about paying off any mortgages or other debts that may be associated with the property. Finally, the deed gives the grantor the option to revoke the deed at any time during his/her lifetime, which allows them flexibility in case they change their mind about wanting their beneficiaries to inherit the property.
The Michigan lady bird deed has helped many grantors preserve their property for their children and grandchildren. If you are considering using a lady bird deed to transfer your property to your heirs, it is important to consult with an experienced Michigan estate planning attorney to ensure that the deed is properly drafted and executed.
How to Fill out a Michigan Lady Bird Deed?
Step 1 – When is the deed created?
The lady bird deed should begin with the date of creating and signing the document.
Step 2 – Who is the grantor?
The grantor is the person who owns the property and who is transferring it to another person. The grantor’s name and address should be listed next.
Step 3 – Who are the beneficiaries?
The beneficiaries are the people who will receive the property after the death of the grantor. The beneficiaries’ names and addresses should be listed next.
Step 4 – What property is being transferred?
The property that is being transferred should be described next. This includes the address of the property and a legal description of the property.
Step 5 – How is the property to be used?
The deed should state how the property is to be used. For example, the property may be used as a primary residence, for income-producing activities, or for any other lawful purpose.
Step 6 – When does the transfer take effect?
The deed should state when the transfer will take effect. The options are “on grantor’s death” or “on a future date or event.” If the deed is for a primary residence, it will usually take effect on the grantor’s death.
Step 7 – How can the deed be revoked?
The deed should state how it can be revoked by the grantor. The options are “during grantor’s lifetime” or “on a future date or event.”
Step 8 – What happens if the grantor dies before the transfer takes effect?
If the grantor dies before the transfer takes effect, the deed should state what will happen to the property. The options are that the property will go to the beneficiaries named in the deed or that the property will be sold and the proceeds will go to the grantor’s estate.
Step 9 – Are there any conditions attached to the transfer?
The deed should state if there are any conditions attached to the transfer of the property. For example, the deed may state that the property can only be used for a primary residence.
Step 10 – What happens if the conditions are not met?
If the conditions attached to the transfer are not met, the deed should state what will happen to the property. The options are that the property will go to the beneficiaries named in the deed or that the property will be sold and the proceeds will go to the grantor’s estate.
Step 11 – Who will prepare the deed?
The deed should state who will prepare the deed. This is usually the grantor or their attorney.
Step 12 – Signature of the grantor
The grantor should sign the deed in front of a notary public. The notary public should then list their name, address, and contact information.
Why Would You Need to File a Michigan Lady Bird Deed?
There are many reasons why a grantor might want to file a Michigan lady bird deed. For instance, they might want to:
- Preserve their property for their children or grandchildren
- Avoid probate
- Keep control of their property during their lifetime
- Protect their property from creditors
How to File a Michigan Lady Bird Deed
If you decide that a lady bird deed is right for you, it is important to make sure that the deed is properly drafted and executed. Once the deed is prepared, you will need to file it with the Register of Deeds in the county where the property is located. You will also need to provide a copy of the deed to the beneficiaries named in the deed.
It is important to note that a lady bird deed is revocable, which means that you can change your mind about the transfer at any time during your lifetime. However, once you revoke the deed, it cannot be reinstated. Therefore, it is important to be sure that you really want to transfer your property before you file the deed.
Benefits of Creating a Lady Bird Deed in the State of Michigan
There are several key benefits to creating a lady bird deed in Michigan. First, as mentioned above, the deed allows you to retain control of your property during your lifetime. You can continue to live in the property, use it for income-producing activities, or sell it if you desire. Second, the deed provides that upon your death, your children will inherit the property free and clear of any debts or liens. This means that they will not have to worry about paying off any mortgages or other debts that may be associated with the property. Finally, the deed gives you the option to revoke the deed at any time during your lifetime, which allows you flexibility in case you change your mind about wanting your children to inherit the property.
What Does Michigan Law Say about Lady Bird Deeds?
The Michigan lady bird deed is governed by Michigan law. The deed must comply with all of the requirements set forth in the Michigan Probate Code in order to be valid. These requirements include, but are not limited to, the following:
- The deed must be in writing
- The deed must be signed by the grantor and acknowledged by notary public
- The deed must be filed with the Register of Deeds in the county where the property is located
- The deed must be revocable by the grantor during their lifetime
- The deed cannot be amended or revoked after the grantor’s death