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If you sell your father's house do you have to give money to his girlfriend who has a life estate in the house?
Wiki User
∙ 15y ago
You will not legally be able to sell the property if the girlfriend has a life interest unless you have her consent. She will expect some compensation, that needs to be negotiated with the estate. For example, the sale proceeds could be used to provide another property for her to live in during her lifetime. I would like to add this: It is true that the girlfriend will have to consent to the sale and even sign the contract for sale of the house and deed. Therefore, she will have to be satisfied with the price you're getting for the house as well as her share from the very beginning. In fact, if she were so inclined, she could just refuse to sell. How much do you have to give her? The value of a life estate is determined by using what are called "mortality tables". These tables calculate the expected lifetime of the girlfriend in order to get an idea of the value of her life estate expressed in terms of a percentage of the value of the property. As an example, the life expectancy of a 20 year old person is longer than the life expectancy of an 80 year old person. For this reason the value of the life estate of the 20 year old is greater than the value of the life estate for the 80 year old. These tables exist for tax purposes mainly and the girlfriend is free to hold out for a bigger cut. That's where the negotiation mentioned above comes in. Usually in these situations, the life tenant just takes a percentage of the net sale proceeds and goes.
Wiki User
∙ 15y ago
Wiki User
∙ 14y agoTalk with your lawyer immediately.
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When can you close your fathers estate account and keep the money as an heir?
when can you close my fathers estate account and keep the money.
Is a daughter still at college responsible for her fathers debts after his death even though he left no money?
The estate is responsible for the debts of the decedent. If there is no estate the creditors are out of luck.
Can you pay for your fathers funeral out of his money if you are designated his executor on his will?
I'm not an attorney but in my experience the answer is yes - that is one of the reasons people make sure there is money in their estate.
Once an estate is closed and the beneficaries are equally deeded the house. Can the exuctrix take money from the sale proceeds to pay other beneficaries not paid before the estate was closed?
if the house is sold can that money be divided before the total estate is closed
Can you collect money from your dead fathers unclaimed funds if your step mother was the estate representative and she has since remarried?
No. If your stepmother was executor of the estate, she still is the executor and entitled to those funds, not you.
When a house is sold that is in an estate trust does the money from the sale of the house go into the estate?
Of course! The assets of the estate stay in the estate until properly distributed under the terms of the will or intestacy laws. The sale of the house is going to be subject to any mortgage or liens that may be in place.
Is the executor of an estate paid on full value of house or what is owed?
The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.
Can a boyfriend sue a girlfriend for money when they lived together he did repairs around her house?
nope
Can an heir to the estate receive money from that estate after the house has been sold. Everyone that suppose have received their portion of the estate has. When can the heirs receive their money?
When the executor is satisfied that all the debts have been resolved. They will provide a final accounting to the court and distribute the remainder.
How much does a real estate analyst make?
A real estate analyst makes lots of money depending hoe much the house is. If the house is $475000.00 the income (how much the real estate guy makes) is about $10000.00. If you want to find out any other income of any house you have to get 25% out of any priced house
How can one make money from real estate?
Real estate is a fantastic investment and can make someone good money if they are smart about how they invest. Options for making money are flipping houses, where one renovates and then resells a house, renting out a house to pay the mortgage payments and bills, or simply holding on to a house until the housing market improves and reselling at a higher price.
Does the money from sale of deceased mother's house go into the estate as income?
Yes, it becomes a part of the estate. It can be used to pay off debts and then be distributed according to the will or the law.
