Get Enhanced Life Estate Deed (Lady Bird) from Husband and Wife, or Two Individuals, to Four Individuals as Tenants in Common.

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2016 U.S. Legal Forms, Inc.NORTH CAROLINA ENHANCED LIFE ESTATE DEED (A.K.A. LADY BIRD DEED)[Husband and Wife TO (4) Four Individuals]Control Number: NC0682I. TIPS ON COMPLETING THE FORMS The form(s)
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FAQ

An enhanced life estate deed is a special type of deed recognized by common law in five states: Florida, Michigan, Texas, Vermont, and West Virginia. Also sometimes called "Lady Bird" deeds, they can be used to transfer ownership of real estate outside of probate to beneficiaries named in the deed.

A lady bird deed (also called a ladybird deed or an enhanced life estate deed) is a special form of life estate deed that gives the owner continued control over the property until his or her death. Once the owner dies, the property is transferred automatically to new owners without the need for probate.

A lady bird deed is an estate planning tool that enables a Medicaid beneficiary to protect their home as an inheritance from their state's Medicaid Estate Recovery Program. A lady bird (ladybird) deed (also called an enhanced life estate deed, lady bird trust or a transfer on death deed) is a type of life estate deed.

Lady Bird deeds are currently only authorized in Florida, Michigan, Texas, Vermont, and West Virginia. Approximately half of the U.S. states have what is called a transfer on death (TOD) or beneficiary deed, which is similar to, and may be preferable to, a Lady Bird deed.

The short answer is "Yes." I shall presume that the ladybird deeds you are referring to name your trust as the remainderman upon your death. The danger of not recording the deeds now is that they could get lost.

A "Lady Bird deed" (also known as an enhanced life estate deed) is a way to transfer property to someone else outside of probate while retaining a life estate in the property. ... In order to qualify for Medicaid, an applicant cannot have transferred property within five years of the application.

A life estate deed is a legal document that changes the ownership of a piece of real property. The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the "remainderman" (in this example, Son).

Typically, the purpose of a life estate deed is to provide for the transfer of the property to the desired person(s) (remainderman) automatically at the death of the property owner who retained the life estate ("life tenant"), without the necessity of probate.

In common law and statutory law, a life estate (or life tenancy) is the ownership of land for the duration of a person's life. In legal terms, it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person.

A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.