Legal Question in Wills and Trusts in Florida

Re: sell life estate?

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Anyone can sell anything but I doubt that you will find a willing buyer. The only asset that the widow has to sell is an unknown quantity of the the value of the use of the property during her lifetime subject to the remainder interest in the remaindermen. It is highly doubtful that a bank will lend monies or a title insurance company will insure such a purchase.

What you might wish to consider is to approach the remainedermen and suggest that all sell the property jointly. The proceeds would then be split amongst them in proportionate shares. The Internal Revenue Service has a chart to help determine the value of the life estate.

I think that the widow would be wise to consult with a real estate attorney who could review the specifics of her situation and give her frank legal advice on how to best handle her situation.

Scott R. Jay, Esq., 305-249-8000

Re: sell life estate?

No. Not without the remainder beneficiaries' permission.

Re: sell life estate?

She can only sell what she owns - the right to use the house during her lifetime. It is doubtful anyone would buy that. They would more likely rent the property from her during her lifetime. Such a sale/rental would not affect the rights of the remainder beneficiaries.