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Life Interest In A Property

Discussion in 'Wills and Estate Planning Law Forum' started by AliceSmith1979, 11 November 2014.

  1. AliceSmith1979

    AliceSmith1979 Active Member

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    If a property has been devised and bequeathed to me and my siblings, and life interest has been given to my mother and her sister (to be equally shared as a weekend retreat) can my Aunty or Mum sell the property without me or my siblings permission?? If we were all to agree to sell, how would you think the monies would be divided amongst the 5 parties involved?
     
  2. Tim W

    Tim W Lawyer

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    The short answer to this question is "no".
    You can all (not majority, all) agree to sell the land - but it's not their's to sell of their own motion.

    That is entirely a matter for negotiation between yourselves - there is no single "right" way to distribute those proceeds.
    Bear in mind that the financial and tax implications may vary from sibling to sibling.

    There is a useful document about Life Estates and how they work
    here.
     
    AliceSmith1979 likes this.

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