Legal Question in Real Estate Law in Florida
How to save remainder interest in life estate?
As part of divorce, Wife had family home deeded
for life to Husband with remainder interest to 2
children. Children now grown and H threatens to
sell property. (Children could be intimidated by H
into gifting their property interest to H). Can W
purchase an "option" to buy from children in order
to preserve property ?
Thank you.
2 Answers from Attorneys
Re: How to save remainder interest in life estate?
The remaindermen (your children) have the right to transfer their interest to anyone they wish. This, of course includes you or your former husband. Yes, you could create an option or some other interest. Be sure that the document is properly prepared and recorded.
Protection of remainder interest after life estate
FACTS: As part of divorce, former wife deeded life estate in home to ex-husband with remainder interest to 2 children. Children now grown and Ex threatens to sell life estate. Children could be intimidated by their father into gifting their property interest to him.
Q. Can former wife purchase an "option" to buy from children in order to preserve property?
A. Yes but an option must be exercised to be any good. Your children need to sell or convey their interest to someone who will stand up to your ex and hold the property for them; in other words, a Trustee. Your ex's life estate has little real value on the open market since no one knows how long it will last.
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