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 Wake 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 ensuring the original owners retain certain rights during their lifetime. The concept of a "Lady Bird" deed was named after former First Lady, Lady Bird Johnson who used a similar deed structure. This arrangement provides the property owners with enhanced control and flexibility over their estate planning. In this specific deed, the husband and wife or two individuals are referred to as the granters, while the four individuals who will become the tenants in common are referred to as grantees. The key feature of this Wake North Carolina Enhanced Life Estate Deed is that it grants a life estate to the original owners. This means that they can continue to live in the property and retain full use and enjoyment of it until their death, without interference from the grantees. Upon the death of the original owners, the property automatically transfers to the four grantees as tenants in common. As tenants in common, each individual would hold an undivided interest in the property. This means that they would each own a specific percentage of the property, which can be divided unequally if desired. The Wake North Carolina Enhanced Life Estate Deed provides numerous benefits, including avoiding probate, protecting the property from Medicaid estate recovery, and allowing the original owners to keep control over their property until their death. It also ensures that the intended beneficiaries receive the property without going through the complex probate process. It is worth noting that there may be variations of this Wake North Carolina Enhanced Life Estate Deed depending on the number of individuals involved and the specific intentions of the granters. Different variations may include more or fewer grantees or different conditions and restrictions outlined within the deed. In conclusion, the Wake 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 instrument that provides a structured method for property transfer, ensuring the original owners retain rights during their lifetime. The specific variations depend on the number of individuals involved and the specific intentions of the granters.
