Aberdeen, NC asked in Probate for North Carolina

Q: Both parents passed this year leaving motgage & equity loan, the property has my name per "ladybird deed." what now

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1 Lawyer Answer
  • Estate Planning Lawyer
  • Cary, NC
  • Licenced in North Carolina

A: There are no "Lady Bird" or life estate deeds recognized in North Carolina. Is the land in North Carolina or somewhere else? If this is a true life estate deed then the land passes to you as the remainderman. I assume that you would inherit subject to the mortgage and loan, however, you would have to talk to a probate or real estate lawyer in the state where the land is located.

If the land is in North Carolina, there are no such thing as life estate deeds as I have indicated. Land thus passes either by an outright conveyance or by will/trust. The property could not have been conveyed to you even as a remainderman keeping a life estate in your parents if it is mortgaged unless you all agreed. If you inherited the land by will or intestacy, then you take it subject to the...

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