As you begin the estate planning process you will need to consider how you want your assets passed to your heirs when you pass away. For most people, the most valuable assets they own are physical pieces of property. Deciding how the ownership of a property will transfer after you pass away is very important. At Grewal Law PLLC, we can help you explore all of the ways property is transferred in Michigan to aid in your decision-making process regarding your estate.
Options for ownership transfer included feeding the property through a gift while you are still living or leaving the property to a trust. There are even ways to donate a piece of property to a charitable organization. Our estate planning attorneys in Michigan will guide you throughout the entire process and will help you determine the best choice your family.
Reach out to us by calling (888) 211-5798 for a no obligation quote. We can help you understand everything regarding estate planning and probate along with setting up a trust.
Property Transfers through Trusts
One way to transfer ownership of property is through a trust. There are different types of trusts that can be used for leaving property after you are gone. The Michigan Trust Code outlines the different arrangements and how property transfers take place through them.
If you are interested in having an asset such as a piece of property left to a charitable organization then you can set up a charitable remainder trust. The arrangement allows you to donate a piece of property while still keeping income generated from it during your lifetime. After you pass away the property is turned over to the charitable organization through the trust.
In contrast, if you want property transferred to your heirs without having it go through the probate process a trust can be created. The law team at Grewal Law PLLC can help you create the right trust to meet your family’s needs. Michigan has amended law related to the transfer of property ownership and other assets, so we will review these changes and go over how they will impact your family.
Transferring Property with a Deed
Michigan allows several types of property transfers through the use of deeds. Some transfers can take place while you are alive while others take effect once you pass away.
One of the most common types of deeds people are familiar with in Michigan are quitclaim deeds. These are used to quickly transfer property and are done using forms filed with the county. The document gives the person signing for the property the same interests in the real estate currently held by the existing owner. He or she is then a co-owner of the property. Sometimes parents use this type of deed to add their children to a piece of real estate.
Another deed that can be used to transfer property to your heirs is a Lady Bird Deed. Unlike with the quitclaim deed, you maintain rights over the property during your lifetime. The Lady Bird Deed is also known as an enhanced life estate. The document allows you to transfer ownership of property to your heirs at your natural death. Because you maintain ownership during your life you do not need to get permission to sell, lease, or mortgage the property. You still retain all rights to the property during your life.
Attorneys Handling Deeds in Michigan
From writing a simple will to establishing a trust or filing a quitclaim deed, the estate planning team at Grewal Law PLLC can help you with your property ownership transfer plans. Our Michigan real estate lawyers can answer all of your questions related to estate planning and property transfer.
Call us for a no obligation quote at (888) 211-5798.