Summary
A Ladybird Deed in Michigan allows the property owner to retain control during their lifetime and avoids probate. It doesnt include personal assets like bank accounts or vehicles. If theres no will, personal belongings are distributed according to state intestacy laws. As the grantee, youll receive the real estate, but personal belongings will be distributed among the decedents closest relatives.Full Conversation
Ladybird deed and personal assets
Hello Ron Manies, thank you for providing more information. Are you looking to understand how a Ladybird Deed impacts personal assets in Michigan, or is there a specific situation you're dealing with?
Michigan
Hello Ron Manies, in Michigan:
- A Ladybird Deed allows the property owner to retain control during their lifetime.
- It doesn't subject the property to probate.
- It doesn't impact eligibility for Medicaid benefits.
- It doesn't expose the property to the beneficiary's creditors.
Is there anything specific you want to know about?
Does a ladybird deed incluse grantors assets
Hello Ron, a Ladybird Deed in Michigan typically involves only real property. It doesn't include other personal assets such as bank accounts, vehicles, or personal belongings.
If I am the grantee on a ladybird deed, and no one contests personal assets, do I keep them?
Hello Ron, in Michigan, personal assets not included in the Ladybird Deed would typically go through probate and be distributed according to the decedent's will or state law. If no one contests, it may be possible for you to keep them.
My Uncle listed me as the grantee on a ladybird deed, he does not have a will for his personal belongings
Hello Ron, in Michigan, if there's no will, personal belongings are distributed according to state intestacy laws. As the grantee on the Ladybird Deed, you'll receive the real estate, but personal belongings will be distributed among the decedent's closest relatives.
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