QUESTION
My question is if my wife is the sole remaindermen in a life estate or 1 of 4?
Asked on Mar 11th, 2021 on Estate Planning - New York
More details to this question:
My wife Maria is a 1 of 4 remainderman in a Life estate that was created in 1986 as per the will of her Grandmother who granted 4 of her children and spouses life tennants, one was my wife's Father. and 4 grandchildren as remainderman. In 2000 the life tennants wanted to sell the building and had a lawyer make a contract for the 4 remaindermen to sign giving all thair interest in the property to the life tennants. It was notorized and said it was executable upon signing . My wife did not agree so she didnt sign it. The other 3 remaindermen signed it. Is the contract still valid for the 3 remaindermen that signed it or is the whole thing invalid?
2 ANSWERS
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Damien Bosco, P.C.
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Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. Generally, in order to sell the property when there is a life estate, all of the life tenants and remaindermen have to agree to the sale. Yet, a remainderman could sell, assign or transfer his or her interest in the property, but the buyer would have to take the property subject to the rights of the life tenants and other remaindermen. In other words, in effect, if all the life tenants and some remaindermen agree to sell their share of the property, the remaindermen who did not sell their share would remain as property owners holding the property as tenants in common with the new buyer or buyers. So, it is possible to argue that a contract among the other parties to sell their share of the property remains valid while the remainderman who did not agree to sell her or his property interest would keep her or his property interest and become a tenant in common with the other buyer or buyers. If you need any assistance, a New York Trusts & Estates Attorney could help you. If you wish to speak on the phone about it, you can call Damien Bosco, P.C. at (646) 452-7082 or email me at DamienBoscoEsq@gmail.com
Answered on Mar 12th, 2021 at 5:43 AM
2 Awards
While it may be valid for the three signing remaindermen, the property is unlikely to be saleable.
Answered on Mar 12th, 2021 at 5:33 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.