Q: Can a life estate holder sell their interest to the remainderman?
A:
Yes, a life estate holder can sell their interest to the remainderman. This transaction involves the life tenant transferring their rights to the property for the duration of their life to the remainderman, who will then have full ownership.
Before proceeding, it's essential to consider the value of the life estate and negotiate a fair price. This transaction should be properly documented through a deed to ensure legal compliance and clarity.
Consult with a legal professional to understand the implications of such a sale, including any tax consequences and the impact on both parties' future rights to the property. This step ensures that the interests of both the life estate holder and the remainderman are protected.
1 user found this answer helpful
A: A quick value for the LE can be determined from the LE/REM tables in the Estate Tax Regulations of the Revenue Code. Multiply the percentage by the Tax Appraisal. Of course get as much money as you can, but this would be a start.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
