NC S121

Clarifies that when one spouse conveys real property to the other spouse, the conveyance does not automatically waive the grantor's right to an elective life estate under G.S. 29-30 unless expressly waived in the conveyance document

Establishes that equitable distribution rights under G.S. 50-20 cannot be waived or released through a real property conveyance between spouses and must instead be addressed in a separate written agreement

Adds a new exception in G.S. 29-30 specifying that a surviving spouse loses the right to elect a life estate only if they expressly waived that right when conveying their interest in the property to the deceased spouse

Amends the definition of "separate property" in equitable distribution law to require that intent to classify real property gifted between spouses as separate property must be stated in a written agreement separate from the deed

Becomes effective October 1, 2025, with provisions regarding elective life estates applying retroactively to conveyances executed before the effective date