A person with life interest generally (as we have not perused the Will) does not have the right to sell, transfer or alienate the property to the detriment of the absolute owner, which in your case is the son, i.e., you. It is a limited right to enjoy the property up to the death of the life holder.
What can the owner of a life estate do?
A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to avoid probate and to give a house to children without giving up the ability to live in it.
Who owns the home in a life estate?
life tenant
A life estate is property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person, called the life tenant, shares ownership of the property with another person or persons, who will automatically receive the title to the property upon the death of the life tenant.
Can you sell a house with a life estate?
Depending on your mother’s age-it might not be worth much to her and the remainderman would have to sign and give up their interest… The deeded owner of the property could sell the property with a life estate, but the buyer would not be able to live in the property until your mother is deceased, which greatly reduces the value.
Can a person with a life estate rent the property to?
In most places a person who holds a life estate (the life tenant), has the right to do anything with the property that a full owner could do during his or her life. He or she need not live in the property and use it as his or her home, but can rent it out full or part time or even sell the life interest in the property.
Who is the owner of a life estate?
A life estate divides ownership in a home in an unusual way. One person, the life tenant, has the right to live in the home for life.
When is the best time to sell a life estate?
You can sell a life estate property prior to the life tenant’s death. If you sell while your mother still lives, the value of the proceeds would be divided between the life tenant (your Mom) and the remainderman (you) according to IRS actuarial tables.
