A life estate is ownership of property that is only limited to your lifetime. Once someone passes, the life estate ends, and the person named as the eventual owner gets the property. Your description does not sound like a life estate, but sounds more like a Joint tenancy or a tenancy in common. You will probably need to take your title to an attorney just to verify what ownership you have. If you and your siblings are all shared owners, you can negotiate with your siblings for the sale of the home to one sibling or to a third party. If some of the other siblings refuse to cooperate or negotiate fairly, you can go to court and request that the home be divided, forcing a sale and equal division of the profits of the sale. This will be difficult to do on your own, and you may not come out ahead after the costs of litigation. If you want to avoid this problem for your own children, it is best to put the home in a trust that names a trustee who will have the duty and authority to sell the home and distribute the property according to the terms of the trust. If the trustee fails to perform their duty, the heirs can go to court and have them removed and replaced. If successful, the attorney fees would be paid out of the trust.
Answered on Aug 26th, 2013 at 11:13 AM