Division of Proceeds re: Life interest

In a life interest situation in Alabama, can the life interest holder agree to give up his/her life interest so that the proceeds from the sale of the property be split evenly?

I am presuming that you are referring to a life interest in a home or other piece of real estate. Yes, the life interest holder can always give up that interest. It is really a non-possessory interest in the real estate. So by giving it up, your friend is clearing the way for the property to be sold, guessing from your question.

For help with this, talk to a real estate attorney near you. You can find one near you at attorneypages.com. OK?

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Mark B. Replogle

Many thanks for your reply. If this particular life interest is calculated at 80%, can the holder still give up his life interest (the 80%)and split the proceeds evenly between himself and the other two remainder holders? Or does must he take the entire 80%?