Who has a greater interest in a Life Estate, the Life Tenant or the Remainderman?

Asked about 2 years ago - Shelter Island Heights, NY

A Life Estate was handed down to a brother and sister. The Brother, 40 years old, is the Life Tenant, while the sister, 36 years old, is the Remainderman.
They cannot get along and the Brother, Life Tenant, began a partion to have the property sold at auction. Who has the greater interest in the property, and how will the proceeds be distributed?
The property has been vacant for some time, and I have been speaking to the sister, Remainderman, of purchasing her interest, and am curious of the distribution, and can I substitute in her stead in the partition action.

Attorney answers (2)

  1. Barry Franklin Poulson

    Contributor Level 20

    1

    Lawyer agrees

    1

    Answered . The proportion itself is based on expected life span, and the IRS has a great table that will show you the percentage. But, I think the problem is more complex than that, and you need a short consult with a local property / wills attorney. The will must be examined, and the details of the proposed partition.

    We do not have a client/attorney relationship until you make an appointment, we discuss your case face to face, I... more
  2. Mark Alan Mackin

    Contributor Level 14

    1

    Lawyer agrees

    Answered . Most people dont want to buy a lawsuit. But if the property is that valuable to you, consult a lawyer to help and try to acquire both interests without litigation. You are in the good position of not being a party in interest right now, and you may be able to wrap it up before becoming one in a lawsuit.

    DISCLAIMER: The forgoing comment is for general educational purposes only, and is not legal advice upon which the... more

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