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Does North Carolina have life estate deeds?

One of the more frequent complaints individuals have regarding an enhanced life estate deed is that it is not available in every state. Fortunately, today it is still allowed in North Carolina.

Can life tenant sell the property?

The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree. The life tenant usually receives a smaller portion based on the value of the life estate, calculated using actuarial tables.

What is an example of a life tenant?

For example, in a will, a farmer may grant ownership of his farm to his children, subject to the life estate of their mother. In this situation, the mother is the life tenant and has the right to live in the farm house for the rest of her life.

What basic property right is not available to the holder of a life estate?

An interest in land that lasts only for the life of the holder. Thus, the holder of a life estate cannot leave the land to anyone in their will, because their interest in the land does not survive the person.

What does lifetime use mean?

In general, a life tenant is entitled to exclusive use of the property during his lifetime as if he owned the property outright.

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What happens when a life tenant dies?

After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.

How does a life estate work in NC?

The life estate interest gives the holder the right to all the benefits of the property during the lifetime for which it is granted. Upon the death of the measuring life, the property automatically vests in a remainderman or the future interest holder.

What is life of property?

An interest in land that lasts only for the life of the holder. Thus, the holder of a life estate cannot leave the land to anyone in their will, because their interest in the land does not survive the person.

Does North Carolina have life estate deeds?

One of the more frequent complaints individuals have regarding an enhanced life estate deed is that it is not available in every state. Fortunately, today it is still allowed in North Carolina.

Can life tenant sell the property?

The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree. The life tenant usually receives a smaller portion based on the value of the life estate, calculated using actuarial tables.

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Does North Carolina have life estate deeds?

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