I have a life estate ,does it have a monetary value in the State of New Hampshire?

Asked about 1 year ago - Canaan, NH

I sold my house to friends after my partner passed away and have a life estate. Unfortunately it is not working out anymore and I would like to get out of it,so I need to know how to proceed

Attorney answers (3)

  1. David Scott Carron

    Contributor Level 14

    3

    Lawyers agree

    Answered . Yes. It basicly the value of a rental for the duration of your life. Or you can sell the life estate completely. A housing agent can help you figure out the value.

  2. Ian Robert Reardon

    Contributor Level 9

    Answered . I agree with Attorney Carron.

    Another option might be to merge the future interest with your life estate so that the title is fee simple (Absolute ownership with no future interest or life estates). This could be done by either selling the life estate to your friends or buying their future interest from them. This would make the property the most "marketable."

  3. Paul Rutledge Durr III

    Contributor Level 15

    Answered . how did you value the remainder interest that you sold? the difference between the full value and the remainder interest should have been the life estate value, work forward from that point, and either sell the life estate to the remaindermen, join with the remainderment to sell the entire house interest, or lease the house (which terminates when you die). good luck.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

25,371 answers this week

3,008 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

25,371 answers this week

3,008 attorneys answering