Legal Question in Wills and Trusts in North Carolina

Life time rights

would like to know about life time right to home place. There are step children involved . Is there a form that can be drawn up to give one person the right to live and control it until time of their death?

Asked on 8/25/02, 11:03 am

1 Answer from Attorneys

Tate Davis Davis Elder & Disability Law Services
0 users found helpful
0 attorneys agreed

Re: Life time rights

One method of giving someone a lifetime right to a property is to deed the property to the children, retaining a life estate interest in the property for the duration of the grantor's life. If this is done, then the life tenant has the right to occupy the property, earn any rental income generated by the property and essentially do any act that would not injure the property or reduce its value. Life estates are frequently created by seniors who are concerned about long-term care planning, yet who wish to retain control over the property until they have passed away. To create a life estate, you would need to have a deed drafted by an attorney. Additionally, there could be some gift tax consequences which an attorney can discuss with you.

Read more
8/28/02, 8:30 pm

Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in North Carolina

Looking for something else?

Get Free Legal Advice

8817 active attorneys ready to answer your legal questions today.

Probate, Trusts, Wills & Estates Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
David SlaterDavid P. Slater, Esq.Boca Raton, FL
Phillip D. Wheeler, Esq.Phillip D. Wheeler, Attorney At LawMorro Bay, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now