Life Estate Valuation Help

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What is the name of your state? MO

My FIL died. His will says that his wodow may live in the house as long as she desires, but must maintain, pay real estate taxes, pay for insurance in such amount and carrier satisfactory to his children (remaindermen) unless she cohabitates or remarries...

The widow is extremely uncooperative, denying access for inventory, disposing of a lot of personal property that was left to his children (home movies, cameras, ATV's, motorcycles..) Sorry for the long preeamble, but the heirs would like to buy her out to get her out of their house. I know there are valuation tables, but, since she has to pay real-estate taxes of $2800 per year and home insurance of $2200 per year, we would like to know how to figure the discounted value of her life estate.

House is assesses @ 265,000. Appraised this week @ $236,000. House is 40 years old, all brick, no updates and about 1950 sq feet. She is 65 years old and the house is filthy, she is a dirty woman. Any advice our suggestions would be greatly appreciated.

Thanks!

Mike

 

[HomeGuru]

What is the name of your state? MO

My FIL died. His will says that his wodow may live in the house as long as she desires, but must maintain, pay real estate taxes, pay for insurance in such amount and carrier satisfactory to his children (remaindermen) unless she cohabitates or remarries...

The widow is extremely uncooperative, denying access for inventory, disposing of a lot of personal property that was left to his children (home movies, cameras, ATV's, motorcycles..) Sorry for the long preeamble, but the heirs would like to buy her out to get her out of their house. I know there are valuation tables, but, since she has to pay real-estate taxes of $2800 per year and home insurance of $2200 per year, we would like to know how to figure the discounted value of her life estate.

House is assesses @ 265,000. Appraised this week @ $236,000. House is 40 years old, all brick, no updates and about 1950 sq feet. She is 65 years old and the house is filthy, she is a dirty woman. Any advice our suggestions would be greatly appreciated.

Thanks!

Mike

**A: you need to hire a real estate appraiser.

 

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Appraiser

Sorry, we did hire an appraiser. She give us the appraisal of $236,000. I have used this appraiser previous and she was right on the target. The County assessed the house @ $265,000.