Legal Question in Wills and Trusts in Illinois

Re: Can a person have a ''life estate'' in a property and also be a remainder-ma

You have asked a complex question and I will preface my answer by saying that it is critical to have an estate planning attorney review the documents involved before taking any action.

The following answer is therefore based on your hypothetical information.

It is possible for a person to have a life estate (a life interest) in property and then a remainder interest. Of course, since the life estate ends at the death of the person owning such an interest, upon that person's death, the remainder interest would go to her estate, to her descendents, or could possibly lapse (these directions would be according to the document - will/trust - you are following).

The next question about whether Mary can "buy-out" the sons would also be answered by the document itself. They may have a right to disclaim their interests, but if their descendents or other interests are present, a buy-out may not be possible.

Lastly, the value of the life estate, or the discount thereof on the remainder interest needs to take a number of factors into consideration: Mary's ability to assign/not assign her interest in the life estate, Mary's age and ability to continue living in the house, etc.

You didn't mention whether the will/trust is being probated. If the estate is being probated, or if there is a will contest involved, it will be the court that ultimately decides the answers to your questions.

Again, only an attorney who has reviewed the documents in question will be able to provide you with thorough and accurate answers to your questions.

Good luck to you.

Re: Can a person have a ''life estate'' in a property and also be a remainder-ma

Here is another view. Unless the will specifically empowers the widow to buy out the sons, which, just as a guess, I doubt, the sons have no obligation to sell their interest at all. If they desire to sell the sale price is subject to negotiation between the parties. There is no rule or formula for determining the price. The sons can charge what ever they want or for that matter decide not to sell at all.