In a Probate Estate case, if surviving spouse is awarded a life estate to property due to son from previous marriage, what percentage of the amount of the property would she receive due to her age if property was sold. Or would the life estate only entitle her to use or rent the property until she died?
If the surviving wife wishes to sell the property during her lifetime, the best method of allocating the sale proceeds between her and the son would be to use the valuation tables published by the IRS. The allocation established by these tables changes continuously because of interest rate changes in the economy and because of her increasing age.
Personal Injury Lawyer
Assuming there is no will, then with regard to the homestead, Minnesota Statute 524.2-402 provides that a surviving spouse, who does not have children with the decedent, gets the house for her life (which she could rent out or use the property), and then, upon her death it would pass to the decedent's heirs. She cannot be forced to sell the property.
Car / Auto Accident Lawyer
I agree with the previous answers. To sell the property in most cases the life estate owner has to agree with the owners of the remainder interest (the interest in the property after the life estate owner dies). So since both sides have to consent, they are free to come up with any split they can agree on.