We can guide you through the process of determining if a Lady Bird deed is the right choice for your individual needs and help you understand the benefits and potential drawbacks. With our assistance, you can make informed decisions that align with your estate planning goals and provide peace of mind for you and your family.
Michigan
Lady Bird Deeds Lawyers
We can guide you through the process of determining if a Lady Bird deed is the right choice for your individual needs and help you understand the benefits and potential drawbacks. With our assistance, you can make informed decisions that align with your estate planning goals and provide peace of mind for you and your family.
Our Michigan Lady Bird Deeds Services
When planning for the future, many Michigan residents wonder about the best way to protect their assets and ensure a smooth transfer of property to their loved ones. One estate planning tool that has gained popularity is the Lady Bird deed, also known as an enhanced life estate deed.
A Lady Bird deed allows you to retain complete control over your property while you are alive, including the right to sell, mortgage, or even revoke the deed. It also designates a beneficiary who will automatically inherit the property upon your death, avoiding the probate process.
Benefits of a Lady Bird Deed in Michigan
- Avoid Probate: With a Lady Bird deed, your property transfers directly to your beneficiary and bypasses probate court. This saves your loved ones time, money, and emotional stress during an already difficult period.
- Maintain Control: Unlike a traditional deed, a Lady Bird deed allows you to retain full control over your property. You can sell it, mortgage it, or change your mind about the beneficiary at any time.
- Medicaid Planning: Lady Bird deeds can be a valuable tool for Medicaid planning. An experienced elder law attorney can advise you on the intricacies of Medicaid planning and how a Lady Bird deed might impact your eligibility.
- Protection from Creditors: In some cases, a Lady Bird deed may offer protection from creditors of the beneficiary. Since the beneficiary doesn’t technically own the property until your death, it may be shielded from their creditors.
What Our Michigan Clients Say
”“Really pleased with the service and professionalism of this group. We needed a family trust updated and they cleaned up the language, made great suggestions, made changes we needed, and reduced the wordy paper so that we even understood it."
~ Lorraine P.
”"Julie’s office walked us though our estate plan, informing us of our best options. We were not pressured to complete the appointment quickly. We appreciated the opportunity to ask questions."
~ Thomas K.
”"Everything went smoothly and they did everything they said they would. They are very knowledgeable and make the estate planning an easy chore to check off my list."
~ Michele T.
Our Michigan Lady Bird Deeds Case Process
STEP ONE:
Initial Consultation
During our free and confidential consultation, we start by understanding your property details and specific needs.
STEP TWO:
Drafting and Review
Our attorneys draft the Lady Bird deed, review it with you, and make necessary changes to meet legal requirements as well as your goals.
STEP THREE:
Finalization and Recording
We finalize the deed, ensure proper execution with notarization, and file it with the county register of deeds office.
Frequently Asked Questions
What exactly is a Lady Bird Deed?
A Lady Bird deed, also known as an enhanced life estate deed, is a special type of deed in Michigan that lets you transfer ownership of your property to someone else (your beneficiaries) after you pass away, while still allowing you to have full control over it during your lifetime. This means you can live in, sell, or even mortgage it without needing your beneficiaries’ permission.
What are the main benefits of using a Lady Bird deed in Michigan?
- Avoid Probate: Your property automatically transfers to your beneficiaries upon your death, bypassing the often lengthy and costly probate court process.
- Maintain Control: You retain complete control over your property while you’re alive.
- Flexibility: You can change your mind! You can modify the deed or revoke it entirely if your circumstances or wishes change.
- Medicaid Planning: In some cases, Lady Bird deeds can be used as part of a Medicaid planning strategy.
Can I change my mind after creating a Lady Bird deed?
Yes the grantor can typically revoke or change the beneficiary of a Lady Bird deed during their lifetime.
Is a Lady Bird Deed the right choice for everyone?
While Lady Bird deeds offer several advantages, they may not be suitable for everyone. It’s essential to consult with an estate planning attorney to determine if it aligns with your specific needs and goals.
What is the difference between a Lady Bird deed and a traditional Life Estate deed?
With a traditional Life Estate deed, the grantor gives up some control over the property during their lifetime. With a Lady Bird deed, the grantor retains full control.
How do I create a Lady Bird deed?
It’s recommended to seek assistance from a qualified attorney to draft and record a Lady Bird deed to ensure it’s legally sound and tailored to your situation.
Start Working on Your Michigan Lady Bird Deed Case Today!
If you’re considering a Lady Bird deed or need assistance with estate planning, our experienced team is here to guide you. Contact us today for a consultation and let us help you secure your legacy.
