This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are four individuals. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains 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 Bird deed, also known as a life estate deed with a power of appointment, is a legal document used in North Carolina (NC) for the purpose of transferring real estate while retaining certain rights and ownership during a person's lifetime. This unique type of deed allows the property owner (granter) to transfer their property to a new owner (grantee) while still retaining the right to live on the property or receive profits from it for the remainder of their life. The term "Bird deed" originated from the concept of a mother bird providing shelter and protection to her offspring even after leaving the nest, symbolizing the granter's ability to retain control over the property. In North Carolina, there are generally two types of Bird deed statement forms: the enhanced life estate deed and the qualified life estate deed. Let's explore these types in more detail: 1. Enhanced Life Estate Deed: This type of Bird deed allows the granter to maintain control and ownership rights over the property during their lifetime. They have the right to live on the property, sell it, manage it, or even revoke the deed if desired. However, once the granter passes away, the property automatically transfers to the designated grantee without the need for probate. The grantee receives full ownership of the property immediately upon the granter's death, bypassing the probate process, which can be time-consuming and costly. 2. Qualified Life Estate Deed: The qualified life estate deed is another version of the Bird deed available in North Carolina. This form is similar to the enhanced life estate deed but comes with some limitations and requirements, hence the "qualified" aspect. With this type of Bird deed, the granter's ability to revoke or modify the deed is more restricted. Additionally, when the property transfers to the designated grantee upon the granter's death, it may be subject to Medicaid estate recovery if the granter received Medicaid benefits during their lifetime. This type of Bird deed is commonly used when long-term care planning or potential Medicaid eligibility is a concern. Bird deed statements are crucial legal documents that protect the rights and interests of both the granter and the grantee. It is important to consult with an experienced attorney while preparing and executing a Bird deed to ensure compliance with North Carolina laws and to address specific personal circumstances and preferences. In conclusion, a Bird deed statement form in North Carolina is an effective estate planning tool that allows property owners to transfer real estate while retaining certain rights during their lifetime. The two main types of Bird deeds are the enhanced life estate deed and the qualified life estate deed, each with its own unique features and considerations. Seeking professional legal advice is always recommended when dealing with property transfers and estate planning matters.
