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.
A Cary North Carolina Enhanced Life Estate Deed (Lady Bird) from Husband and Wife, or Two Individuals, to Four Individuals as Tenants in Common is a legal document that allows the transfer of property ownership while still allowing the original owners to retain a life estate. This type of deed provides certain benefits and advantages to the granters and grantees involved. The Enhanced Life Estate Deed, also known as the "Lady Bird Deed," is a popular estate planning tool that allows individuals to transfer real estate property to their desired beneficiaries while maintaining control and possession of the property during the granter's lifetime. Unlike traditional life estate deeds, an Enhanced Life Estate Deed offers additional flexibility for the granter to retain rights and benefits while avoiding the need for probate. In this specific scenario, a Cary North Carolina Enhanced Life Estate Deed is being executed between a husband and wife, or two individuals, and four individuals who will hold the property as tenants in common. This means that the property will be owned jointly by the four individual grantees, with each having an undivided interest in the property. This type of shared ownership allows the four individuals to possess the property simultaneously but independently. The use of an Enhanced Life Estate Deed in this context allows the husband and wife, or two individuals, to maintain control and beneficial use of the property during their lifetime. They can live in or sell the property, receive proceeds from the sale, and potentially even revoke or change the deed if desired. As the grantees, the four individuals will have an eventual right to ownership of the property upon the death of the granters, thus becoming tenants in common. By utilizing this deed, the granters can ensure a smooth transfer of their property to the desired four individuals, without the need for probate or court intervention. This type of deed also offers potential benefits such as potential Medicaid eligibility and the avoidance of creditor claims, as the property does not become part of the granter's probate estate. In conclusion, the Cary North Carolina Enhanced Life Estate Deed (Lady Bird) from Husband and Wife, or Two Individuals, to Four Individuals as Tenants in Common is a valuable estate planning tool that allows for the transfer of property ownership while still allowing the granters to retain control and possession during their lifetime. It provides flexibility and avoids probate, offering benefits to both the granters and the grantees involved.
