This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantors are husband and wife, or two individuals, and the Grantees are four (4)individuals. It is also known as a "Lady Bird" Deed. Grantors conveys the property to Grantees subject to an enhanced retained life estate. The Grantors, and each of them, retain the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
North Carolina Enhanced Life Estate Deed (Lady Bird) from Husband and Wife, or Two Individuals, to Four Individuals as Tenants in Common.
State:
North Carolina
Control #:
NC-06-82
Format:
Word;
Rich Text
Instant download
Description Enhanced Life Bird Form
Free preview Life Estate Deed
How to fill out North Carolina Life Estate?
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Enhanced Life Estate Deed Form popularity
Enhanced Estate Lady Other Form Names
North Carolina Estate
Life Estate Deed Lady Bird
Nc Life Estate
Life Estate Deed Form
Lady Bird Deed Nc
Ladybird Deed Nc
Enhanced Bird Wife
Ladybird Deed North Carolina FAQ
North Carolina is one of a handful of states that allows individuals to use Ladybird Deeds to protect their personal residence.
It only applies to residential properties and must be promptly recorded after it is notarized. This document is exempt from documentary transfer tax under Rev. & Tax. Code §11930.
At the time of this writing, the following states allow lady bird deeds: Florida, Michigan, Texas, Vermont, and West Virginia.
A Lady Bird deed avoids probate, so the home is not part of the probate estate and Medicaid cannot go after it.
This right to rescind is what distinguishes a Lady Bird Deed from a standard Life Estate Deed.A properly written, signed and filed Enhanced Life Estate Deed does supersede the terms of the owner's Will, so long as the grantor has not exercised the retained right to reclaim ownership while living.
A Lady Bird Deed is really the best of both worlds.States such as Georgia and South Carolina, however, do not allow Lady Bird Deeds. At this point in time, they are allowable in North Carolina and this is a very good way, especially in an emergency situation, to transfer assets.