Legal Question in Wills and Trusts in North Carolina
What is a deed of trust?
I want to leave my children my home but want to specify a certain age for the oldest one to inherit the house. Can I do a deed of trust to my niece, allow her to live in the house with the boys until they reach a certain age?
3 Answers from Attorneys
You cannot use a deed of trust.
You can create a trust for your children with your neice as trustee. You cannot use a "deed of trust" since that is a mortgage and will not assist you. Consult with an estate and trust lawyer in your area.
Deed of Trust is a misnomer (bad name!)
You can use a deed and/or a trust to effect your goals.
Deed of trust refers to something altogether different -- it's a primary lien or a first mortgage in the terminology of other states.
Anyway, go see a local lawyer and s/he will probably suggest one or two ways of accomplishingyour wishes.
Deed of Trust for children
Yes, a trust should be able to allow the niece to live in the house with theboys. However, if the trust is not drafted properly, you may createmany more problems than you solve.
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