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Owns a Life Estate |
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The home I presently occupy (Garland, Texas) was left to me in a life estate from my mother after her death in November, 2006. Disposition of residuary estate to be divided with 2 other parties. (no liens on this home) There is no communication between me and the other 2 parties because of their cruelty & negligence of my mother during the last 5 years of her life. The home at the time of my mother's death was in need of repair. Because of the bad blood in the family, I have decided to sell the house in its present condition and move to Tennessee. At the time mother's Will was probated I was told that the "Will" was my Deed to this home.
Questions:
(1) Can I sell this home without the other parties consent?
(2) If I can sell the house - What time frame do I have to pay them their cash portion from the sell of this house?
I anxiously await for your response.
Cathy Johnson
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You can sell if the other parties agree to sign off on their interests. The IRS has tables based on your life expectancy, telling what percentages of the proceeds would represent your share and theirs.
If they don't want to sell, you could go to court and force a sale. That involves real legal expense and probably doesn't bring full market value, so avoid that if you can. The best way, under the circumstances, might be for your lawyer to write them on your behalf.
In any event, I'd strongly advise consulting an attorney to double-check all this, and to guide you through the paperwork you'll need.
Good luck to you,
Edith |
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Edith
Originally published on November 3, 2007 |
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