Lady Bird Law Michigan. The only way to find out if a lady bird deed is a good fit for your estate plan is to discuss your financial and personal circumstances with a Michigan estate planning attorney. What they are is a way to transfer real property to another person on a contingent basis while retaining lifetime use of the property and ability to convey.
A Lady Bird Deed may protect your home from Medicaid Recovery in Michigan. The use of Lady Bird Deeds has become common in Michigan is a way to pass property upon death. It is validunder Michigan Land Title Standard 93pdf.
Bond1 Introduction The purpose of this article is to help legal prac-titioners understand implement and effectively.
While many states have laws that allow for transfer on death deeds Michigan does not. 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. This allows the original owner to use the property for their lifetime sell the property if they wish and. Just recently the law was changed to clarify that transfers are exempt from uncapping if the transfers were made by what are commonly known as Lady Bird Deeds On December 22 2015 Governor Snyder signed a law which formally exempts Michigan Lady Bird Deed transfers to close family members from uncapping.