Legal Question in Wills and Trusts in Massachusetts
Life Estate, Forced sale of property
My dad died 19 years ago. His will stipulated that upon his death, his house went to his second wife during the term of her life, then to his children.
All of us, the stepmother with life estate and dad's clildren understood that my dad's intent of ''life estate'' meant that stepmom could/would live in that house for as long as she lived, or as long as she needed it, then it would go to the kids.
Four months ago stepmom moved
out of said house. She took my sister to her lawyer's office in order to change the names of ownership (from herself to us).
It was then, and only then that she discovered that her life estate gave
her a 39% interest in the property.
(The remaining 61% would be split 5 ways, between dad's five children)
Although she knows this was not my dad's intent, she now knows that she can profit from the sale of the house. We are upset by this since that wasn't my dad's intent, but also because she stated that she would take her 39% and give it to her children, in a trust.
My question is this: How likely is it that a judge would side with her to forse the sale of said property??
Would a judge look at all the circumstances, or only be guided
by the letter of the law in terms of the life estate ??
2 Answers from Attorneys
Re: Life Estate, Forced sale of property
I suggest you take the Will to your own attorney to review the matter. One possible solution is to put the proceeds from the sale of the home into a trust to provide income to your step-mother until such time as she dies.
It is however not uncommon in these circumstances to provide a cash payout to your step mother for the value of her life interest.
Please feel free to call my office Monday afternoon if you have more questions.
Re: Life Estate, Forced sale of property
From your question, I assume that the 39% interest is the statistical value of your stepmother's life interest, based upon IRS tables at the time she consulted the lawyer. This can be affected both by her age and by interest rates. (Arguably, you could claim her state of health would affect matters as well.)
It is not clear whether you would seek to have the house sold, or whether someone wants to move in.
There are a lot of factors which could bear on the matter, including taxation.
You should certainly consult with an attorney to more fully explore your options. Whether the court would force partition, and whether the time and expense of such a proceeding would diminish your stepmother's interest are all relevant issues, along with tax issues.
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