At The Law Office of Francis O. Wey, PLLC, we want to help you understand important legal tools that can protect your home and your family. One such tool is called a “Lady Bird Deed.” Let’s break it down in a way that’s easy to understand!
What is a Lady Bird Deed?
A Lady Bird Deed is a special type of deed used in Michigan that allows a person to transfer their home to someone else while still keeping the right to live in it for the rest of their life. Think of it like giving your house to someone, but still being able to live there and enjoy it!
How Does It Work?
When someone creates a Lady Bird Deed, they are usually the owner of the home (let’s call them the “owner”). The owner can name a family member or friend (we’ll call them the “beneficiary”) who will automatically receive the house when the owner passes away. Here’s how it works step-by-step:
- Creating the Deed: The owner works with a lawyer to create the Lady Bird Deed. This document states that the owner is giving their house to the beneficiary but will still live there.
- Living in the Home: The owner can continue to live in the home, make changes, and even sell it if they want. The beneficiary does not have any rights to the house until the owner passes away.
- Transfer of Ownership: When the owner dies, the house automatically goes to the beneficiary without going through a long process called probate. This means the beneficiary gets the house faster and with fewer costs.
Why Use a Lady Bird Deed?
There are several reasons why someone might choose to use a Lady Bird Deed:
- Avoiding Probate: As mentioned, the house goes directly to the beneficiary, which saves time and money.
- Control: The owner can still live in the house and make decisions about it while they are alive.
- Protection from Creditors: In some cases, this type of deed can help protect the home from creditors if the owner has debts.
Is a Lady Bird Deed Right for You?
Not everyone needs a Lady Bird Deed, but it can be a great option for people who want to ensure their home goes to a loved one without complications. If you think this might be a good idea for you or your family, it’s important to talk to a lawyer who understands the laws in Michigan.
Conclusion
In summary, a Lady Bird Deed is a helpful legal tool that allows homeowners to transfer their property to a loved one while still living in it. It simplifies the process of passing on a home. Book a free consultations with us to see if a Lady Bird Deed. To explore this option further, consider booking a free consultation with us by clicking here.