Lady Bird Deed - Everything You Ever Wanted to Know - YouTube

A Lady Bird Deed is a widely recognized  effective estate planning deed it's recognized  

under Michigan common law as well as under  the Michigan land title standards which are  

a group of standards that the title industry  puts together so that the title industry can  

uh have standards relating to how they view and  underwrite particular deeds and under standard  

9.3 under the current sixth edition there this  is a life estate as i mentioned with a power  

to convey fee is the ownership interest it's a  legal term and it says the holder of a life estate  

coupled with an absolute power to dispose of the  fee the real estate by inter vivos interesting  

life estate term conveyance can convey a fee  simple interest during the lifetime of the holder  

if the power is not exercised the gift over  becomes effective that's the land title standard  

now let's go step by step by understanding the  deed itself the lady bird deed is really an  

interesting document because in a traditional  conveyance you're used to seeing a grantor  

convey to a grantee person a to person b but  notice here that the grantor is john doe in  

this example and they're quit claiming to  the grantee john doe person a to person a  

so what makes this an enhanced life estate it's  this magic language it talks about their rights  

under their lifetime it says that it's intended to  conform to the Michigan land title standard that  

we just referenced and that at death it's going  to go to the beneficiary in this case jane smith  

but remember they can still convey out so john  doe could convey out during john doe's lifetime  

and prevent jane smith from  ever receiving the real estate  

as we work further down this document it  identifies like any other deed the city the county  

the legal description the tax identification  number as well as the commonly known address in  

this case i have the language that talks about the  consideration also included here it talks about  

the exemption because it is within as we  talked about for uncapping purposes now again  

I’m using this for illustration purposes you have  to consult with an experienced attorney to make  

sure that they guide you through this document I  don't want anyone to simply look at this document  

and assume you can just copy the language below  is the signature line and under Michigan law  

the notarization that is required in addition  it talks about who's drafting it and where to  

return it after it's recorded as well as where  subsequent tax bills should go this is what a  

ladybird deed is so what do you do how do you get  one how do you create one at the probate pro we're  

passionate about educating people about estate  planning ladybird deeds probate related issues  

if you have questions about a ladybird deed if  you'd like an example more information about it  

if you'd like us to draft you one visit us at  theprobatepro.com or call us at 1-833-probate