Life estate on deeded property?

[1ofakind]

What is the name of your state? Maryland

My sister and I had a house deeded to us by our father. His wife, our stepmother, was given a life estate in the house. We understand that for us to sell the house, she has to grant us permission which she has. My question is does she profit from the sale and if so, how much?

Thanks!

 

[BelizeBreeze]

What is the name of your state? Maryland

My sister and I had a house deeded to us by our father. His wife, our stepmother, was given a life estate in the house. We understand that for us to sell the house, she has to grant us permission which she has. My question is does she profit from the sale and if so, how much?

Thanks!

Legally no she does not. Morally? Well that's up to you. She could have said no and stayed in the home until she died. Hence the term life estate.

So, what was it worth to you and your sister to realize the profit now?

Just fodder for thought.

 

[1ofakind]

Thanks for your reply. She doesn't live in the house in question.

Does that change your response?

 

[BelizeBreeze]

Thanks for your reply. She doesn't live in the house in question.

Does that change your response?

If she does not live in the house then she has effectively abandonned the life estate. but no, that does not change my answer. Legally, a life estate does NOT convey ownership interest. Period.