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Life Estate

When a home in a life estate is sold, how do you determine the value of a persons interest?  Are the proceeds divided equally among the persons named in the deed or between the relatives named in the deed and the original owner according to age as displayed in the chart?  For example if the father's house sold at $100,000, is it split between the original owner and the three children? ($100,000 divided by 4 = $25,000 each)?  Or according to this chart?  See link below:

 

https://public-dhhs.ne.gov/nfocus/Manuals/APX469/apx469/life_estate_and_remainder_interest_table.htm....

 

Thanks in advance.  Jay

 

Honored Social Butterfly

Investopedia - What is a Life Estate?

 

Could be either cause it just depends on how the deed has been designed and worded.

 

 

It's Always Something . . . . Roseanna Roseannadanna
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Thank you Gail.  I'll review the deed.

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