Legal Question in Wills and Trusts in Michigan
Should a Lady Bird Deed,be a warranty Deed or Quick claim Deed to your Children.
Thank You
1 Answer from Attorneys
A lady bird deed gives you a life estate in the property and then the property passes to your heirs.
A warranty deed ensures your child(ren)'s claims and a Quit Claim deed requires you to disclaim your rights.
For the purposes of estate planning you want to give your property to your children upon your passing. A lady bird deed would be the answer if you want to ensure their rights. Make sure they are alive when you pass on. The BEST way is none of the above. Write a will/trust and then pass the property to the heirs (living), or if they are not, then to their estate. We can help. Also please note there are substantial tax issues on this. Apart from estate taxes (if applicable) there are income tax issues as well to your kids. The current admn (federal) is the process of changing that too. It can get complicated.
Jassi