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 Wilmington North Carolina Enhanced Life Estate Deed, also known as a Lady Bird Deed, provides a unique way for individuals to transfer property to four individuals as tenants in common while retaining control over the property during their lifetime. This type of deed offers several advantages and features that make it popular among property owners in Wilmington, NC. In a typical transaction, a married couple or two individuals (granters) would transfer their property to four individuals (grantees) as tenants in common. The granters, however, retain enhanced life estate rights, allowing them to live on and control the property during their lifetime. The enhanced life estate rights ensure that the granters can enjoy the property, make any necessary alterations, and even sell it without the consent of the grantees. One key advantage of this Enhanced Life Estate Deed in Wilmington, NC, is the ability to avoid probate for the property. Upon the passing of the granters, the property automatically transfers to the grantees, bypassing the need for probate court involvement. This can save time and money for both parties involved. A Lady Bird Deed also provides protection against Medicaid recovery. If the granters require long-term care and receive Medicaid benefits, the state can seek recovery of funds from the individual's estate after their passing. However, by utilizing an Enhanced Life Estate Deed, the property held in such a deed is considered exempt from Medicaid recovery, which can help protect an individual's assets. While the main focus is on the transfer from a husband and wife or two individuals, there may be variations in the number of grantees or granters involved in the transaction. For instance, the deed may involve a single individual transferring property to four individuals as tenants in common. Additionally, although not commonly seen, variations may include the involvement of more than four individuals as grantees. Overall, the Wilmington North Carolina Enhanced Life Estate Deed (Lady Bird) is a powerful estate planning tool, providing individuals with the ability to maintain control over their property, avoid probate, and protect their assets from Medicaid recovery. It is essential to consult a real estate attorney or estate planning professional in Wilmington, NC, to understand the specific legal requirements and implications of this deed before considering its implementation.
