Q: Life Estate/REM
My grandma left her house to my dad and I when she died. He is listed as EST (life estate) and I am listed as REM (Remainder.) I know I don't get the house till my dad dies. He however already has a house and doesn't want to live in it. Am I able to use/sell it, or can I not do anything with it at all till he dies? Thanks for any help.
A: A life tenant has the right to possession and use of the property during his lifetime, unlike a person with a remainder interest. However, I think you have three options. (1) You and your father could come to an informal agreement whereby you use the house. Your father is entitled to do what he wants with the house while he Your father could deed his life estate interest to you, so that you own the house in fee simple and your father no longer has any interest in it. Or, you could both agree to sell the property (both of your signatures will be required on the deed, so that both the life estate and the remainder interest will be conveyed to the buyer).
A:
A life tenant has the right to possession and use of the property during his lifetime, and the person with a remainder interest has no rights to access the property during that time.
However, I think you have three options if you and your father are in agreement. (1) You and your father could come to an informal agreement whereby you use the house. For the most part, your father is entitled to do what he wants with the house during his lifetime. That means he can allow you or anyone else to use the property. (2) Your father could deed his life estate interest to you, so that you own the house in fee simple and your father no longer has any interest in it. Or, (3) you could both agree to sell the property (both of your signatures will be required on the deed, so that both the life estate and the remainder interest will be conveyed to the buyer).
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