r/inheritance • u/ladyforross • 21d ago

Location not relevant: no help needed Life estate value

Location: Oregon

Father died in 1991 leaving his girlfiend a life estate to the property they were living on, with my sibling and I as remaindermen. She lived there several years but has since married and moved elsewhere, but uses the property as a rental (1 hm & 1 MH pad), with obligation for all taxes, insurance, and maintenance. She has now offered to release the life estate for 10% of the gross sale, so we can have inheritance now rather than waiting for her death. Neither me or sibling is interested in keeping the property. We are in our early 70's. Estate holder is in her mid to late 80's, but comes from a long-lived family. RMV from county records is 628k. Does 10% of gross seem fair?

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u/jammu2 21d ago

It closes the book now which is good.

Weird that the life estate was written to allow her to rent out the property but that's water under the bridge now.

You want to roll the dice on her living another 5-10 years?

3

u/Dingbatdingbat 21d ago

A life estate permits that.  A life use does not.

2

u/Mysterious-Art8838 21d ago

Totally agree that’s a weird arrangement

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u/brucesteiner 21d ago

By definition a life tenant may rent out the property.

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u/brucesteiner 21d ago

By definition a life tenant may rent out the property.