Legal Question in Wills and Trusts in New York

Re: life estate

A life estate means that you will have use of the property, upon the terms set forth in the will. for your life time and, upon your death, the property will pass to a beneficiary.

You may find a life estate somewhat difficult to sell but great, if you have use for the preperty, or can rent it out.

This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.

Re: life estate

Adding to Arnold's reply, if you do not wish to use it yourself, or rent it if allowed, and subject to the terms of the Will on how the life estate may terminate (there may be more reasons than just your demise), you might consider joining with the remainder beneficiary in a sale during your lifetime, after getting the life estate. The sales price would then be allocated between you and the remainder beneficiary, proportionately to the value of your respective interests (actuarily calculated using government tables based upon your life expectancy). More information is necessary to give you more than a general response and this reply is made without reading the language of the Will creating your life estate.