Legal Question in Wills and Trusts in Texas
i have life estate interest in the home i currently live in.
my children have 1/3 interest. Can I sell the home and if so do my children receive 1/3 interest on the home at time of decision,(it was in probate) which was valued at 49,500.00
i have done extensive remodeling and the value of the home has increased since probate.
Asked on 11/29/10, 9:51 am
1 Answer from Attorneys
No. If you have a life estate, you don't own the home, and you can't sell it. However, if you can agree with the remainderman (children) about what to do with the house, then you can sell. (I'm assuming this is a standard life estate, and not an enhanced or ladybird life estate.)
Answered on 12/04/10, 10:12 am
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