Legal Question in Wills and Trusts in New York

Re: Sale of home

In essence, the 1/2 ownership, plus life estate, makes you a partner. Partners have the right to seek a Court order for partition, which is an order to either force a sale between the partners or to a third party. Properly drafted, this could result in the right to force a sale, with you as the possible purchaser, or to a third party. You may also have an advantage due to your life estate. This could be argued to reduce the value of the remaining 1/2 not owned by you, based upon the actuarial value of the life estate. Properly argued, this could work to your advantage. One last question of you. Did the Will specify who was responsible for the costs of maintaing the house during your lifetime. While there could be cross obligations, if nothing was mentioned, there could be liabilities by his children to the costs of major repairs, replacements, etc. This could further your argument to allow a sale to occur. I suggest retaining a good estate, real estate attorney (like myself) who has handled these types of matters, to assist you in your negotiations. Perhaps his children could be induced to sell without the Court requirements, just so they could get their share of the sale proceeds now, rather than waiting for you to pass away, which will also mean they will have to deal with your children at that time. This could also assist in negotiations. Properly handled and negotaited could save time, money, hard feelings, etc., and get everyone a result they would like.

Re: Sale of home

Keep in mind that you own 50% of the property and a life estate in the other half. That is all you can sell to a third party; and frankly who would buy that?

Of course you need that consent of the others to effect a sale.

Absent consent, you can petition the court for partition. If meritorious, the parcel can be sold as a single unit and the proceeds divided acutuarially among the interested parties.