Legal Question in Wills and Trusts in North Carolina

Re: Life Time Estate

The house could be sold and the proceeds divided between your father and the grandchildren based on the NC table life expectancy of your father. His share is based on his age. If the property is sold, his share of the proceeds would be available to him and his creditors. These proceeds would likely jeopardize his current Medicaid eligibility status. If the property is not sold until after father's death, the proceeds would belong 100% to the remainder grandchildren and not be subject to father's creditor claims. The sale of the house would require a signature from each person who has an interest in the house either as a life tenant or as a remainderman. Those individual's spouses would also be required to sign the deed. If Dad is incompetent, his Power of Attorney or guardian would be signing on his behalf. If the guardian signs on his behalf, the guardian would need a court order to sign. If any of the grands are under 18 a guardian would have to be appointed for that minor and that guardian would also need to have a court order allowing the property to be sold. The court would also need evidence of the fair market value of the property in order to consent to the sale.