Can a Remainderman Sell Their Share Without the Consent of the Life Tenant?
Full Question:
Answer:
It is possible, with the father's consent to add the siblings to the deed. Whether problems will arise depends on the circumstances under which the promise to convey the property were made. If it were a promise to make a gift, not based on a contract for something received in return, then it can be freely revoked before the gift is made. A person who takes possession of the property when the life estate ends is called a remainderman. The remaindermen can only sell their remainder interest - and not the life estate holder's present interest - without that person's consent. The remainderman can:
- sell his or her interest in the property even before the life estate interest terminates if allowed by the legal instrument establishing the life estate interest. In such cases, the life estate owner retains the life estate interest until the life estate terminates.
- transfer the property with the permission of the life estate owner.
Please see also:
http://www.wpar.org/main/link_to_file?file_name=JUNE20.pdf&file_path=%2Fhome%2Fwpar%2Fwpar%2Flibrary%2Flegal_articles%2Flglart07%2F
