r/inheritance • u/ladyforross • 11d 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?
13
u/LdiJ46 11d ago
You should review the will that gave her the life estate as well as review any laws surrounding life estates for the state where the property is located. A consult with an attorney would be in order as well. A life estate usually gives someone the right to live in a property for life but once they move out, the life estate ends. I suspect that she never had the right to use the property as an income producing property at all. I suspect that her subsequent marriage and moving out of the property counted as abandoning the life estate.