My question involves estate proceedings in the state of: Alabama
My grandfather passed years ago and left a commercial property "life estate" (as a survivorship?) in his will to his son and daughter (who are life tenants?) and then upon the death of the survivors, the estate would be left to the grandchildren - me, my sister and my two cousins (the remaindermen?). The son, my father, also passed away a few years ago and so my aunt is in control of the property (receives rent, pays taxes, etc.). All of us are interested in selling the property and are all of age to do so. My aunt is the only one meeting with the investors/buyers and afterwards relays the information to the rest of us. There have been enough contradictions in what she says about the breakdown of how the money from the sale would be split up to cause me some concern that she is not being truthful and thus I am asking questions. Most of the literature I have found mainly concerns private real estate and not commercial property and I would assume that would be treated differently.
So here is what I need help with:
1) Does the life tenant have any right to conduct meetings for sale of the property without the remaindermen?
2) Does the life tenant have any right to money from the sale? IF so, how is that determined? (she keeps talking about a 60/40 split based on an actuarial table?)
3) What kind of taxes would have to be paid if this is considered an inheritance? Would this even be considered an inheritance?
4) Are there any legitimate websites to find this legal information in detail?
Thanks for your help!!