This form is a warranty deed from parent(s) (Husband and Wife) to child with a reservation of a life estate in the parent(s). The form allows the grantor(s) to convey property to the grantee, while maintaining an interest in the property during the lifetime of the grantor(s).
Charlotte North Carolina Warranty Deed to Child Reserving a Life Estate in the Parents - Husband and Wife Grantors
Category:
State:
North Carolina
City:
Charlotte
Control #:
NC-021-77
Format:
Word;
Rich Text
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FAQ
A life estate may terminate, during the lifetime of the life tenant, upon the occurrence of any act providing for the termination in the instrument creating the life estate. A life estate may terminate by the merger of the estate of the life tenant and the estate of the reversioner or remainderman.
A Lady Bird Deed is a deed that allows a real estate owner to transfer a contingent ownership interest in a piece of property to specific and designated beneficiaries while still retaining an enhanced life estate. This means that a beneficiary's claim to the property will not vest until the property owner dies.
In North Carolina, a life estate is the right to own and rent out real or personal property during one's lifetime or during the life of another person. A beneficiary of a life estate may not sell or devise the real property or personal property.
A remainderman is considered the beneficiary of a life estate and stands to inherit any remaining property after the life tenant's death.
Life estate cons The life tenant cannot change the remainder beneficiary without their consent. If the life tenant applies for any loans, they cannot use the life estate property as collateral. There's no creditor protection for the remainderman.You can't minimize estate tax.
Which type of estate cannot pass by inheritance? A conventional life estate reverts back to the grantor automatically and immediately at the death of the life tenant. There is no interest remaining for the life tenant to pass on to their heirs.
An interest in land that lasts only for the life of the holder. Thus, the holder of a life estate cannot leave the land to anyone in their will, because their interest in the land does not survive the person.
The life estate interest gives the holder the right to all the benefits of the property during the lifetime for which it is granted. Upon the death of the measuring life, the property automatically vests in a remainderman or the future interest holder.