Blank Lady Bird Deed Template for North Carolina
Contents
The North Carolina Lady Bird Deed form serves as a valuable estate planning tool for property owners looking to maintain control over their real estate while providing for a smooth transition of ownership upon their passing. This unique deed allows individuals to transfer property to their beneficiaries while retaining the right to live in and manage the property during their lifetime. By utilizing this form, property owners can avoid the often lengthy and costly probate process, ensuring that their loved ones receive the property without unnecessary delays. Additionally, the Lady Bird Deed can provide significant tax benefits, as it may help in minimizing estate taxes. Understanding the various components of this deed, including its implications for Medicaid eligibility and the rights it grants to both the grantor and the beneficiaries, is essential for anyone considering this option. With thoughtful planning and the right information, the Lady Bird Deed can be an effective means of securing peace of mind and protecting one’s legacy for future generations.
Sample - North Carolina Lady Bird Deed Form
North Carolina Lady Bird Deed Template
This Lady Bird Deed ("Deed"), executed this ____ day of ____________, 20__, is made by ___________________ (the "Grantor"), whose address is ___________________________________________________, transferring certain real property to ___________________ (the "Grantee"), whose address is ___________________________________________________, subject to a retained life estate with power to convey held by the Grantor.
Real Property: The real property subject to this Deed is located in ______________________ County, North Carolina, legally described as follows:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________.
The Grantor reserves a life estate for himself/herself with the unrestricted power to convey the property during his/her lifetime, including the right to mortgage, lease, or sell the property, without the consent of the Grantee. Upon the Grantor's death, the Grantor's interest in the property shall automatically transfer to the Grantee, free from any interest in the property held by the Grantor's estate.
This transfer is subject to all restrictions, reservations, easements, rights of way, and matters of record. However, it is not subject to probate proceedings under North Carolina law.
WITNESS the following signatures and seals:
______________________________ (SEAL)
Grantor
State of North Carolina
County of ___________________
On this ____ day of ____________, 20__, personally appeared before me, the undersigned notary public, ___________________, the Grantor, who acknowledged that he/she/they executed the foregoing instrument for the purposes therein contained. In witness whereof, I hereunto set my hand and official seal.
______________________________
Notary Public
My commission expires: _______________
File Specs
| Fact Name | Description |
|---|---|
| Definition | The Lady Bird Deed allows property owners in North Carolina to transfer real estate to beneficiaries while retaining control during their lifetime. |
| Governing Law | This deed is governed by North Carolina General Statutes, specifically under Chapter 31, which addresses wills and estates. |
| Retained Control | Property owners can continue to live in and manage the property, even after the deed is executed. |
| Beneficiary Designation | Owners can designate one or more beneficiaries to receive the property upon their death without going through probate. |
| Tax Implications | The Lady Bird Deed may help avoid gift taxes, as the transfer occurs at death rather than during the owner's lifetime. |
| Revocation | The property owner can revoke or change the deed at any time before their death, providing flexibility in estate planning. |
| Medicaid Planning | This type of deed can be beneficial for Medicaid planning, as it may protect the property from being counted as an asset. |
| Recording | The Lady Bird Deed must be recorded with the county register of deeds to be effective and to provide public notice. |
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