Legal Question in Real Estate Law in Tennessee

Sale of a life estate is addressed in Tennessee Code 29-27-208 Sale of Life Estate - you can cut and paste the following link into your browser:

http://www.michie.com/tennessee/lpext.dll?f=templates&fn=main-h.htm&cp=tncode

Go to Title 29, Chapter 27, Part 2, and you'll find 29-27-208. In a nutshell, the life estate can be sold along with the rest of the property if the holder of the life estate consents. As for what amount from the sale the holder of the life estate is entitled to, here's what the law says:

"When such interest is sold, the value thereof may be ascertained and paid over in gross, or the proper proportion of the fund invested, and the income paid over to the party during the continuance of the estate."

The remaindermen can only sell their remainder interest - and not the life estate holder's present interest - without that person's consent.

Generally in this situation, an appraiser is hired to calculate the present-day market value of the life estate - this is the amount the holder of the life estate would be entitled to upon the sale. There is no quick answer - it depends on a lot of factors and is most properly addressed by an appraiser.