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  1. #1

    Question Can a Life Tenant Sign Away Rights to Life Estate

    My question involves real estate located in the State of: Wisconsin

    Over 20 years ago, my grandfather died leaving land in a life estate to my mother with my sister and I named as remaindermen. At the time, we were both teens, now we are both in 30's.

    No one uses this land, no one lives on it. There are people interested in buying it and we are ALL interested in selling. (my mother doesn't want proceeds as she says this was ultimately to go to my sister and myself).

    Is it possible for my mother to sign away her rights as the life tenant and allow my sister and I to own it now? She's (hopefully) several years away from dying and right now this is just something we all share taxes on.

    Thanks for any help!

  2. #2
    Join Date
    Jan 2006
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    Default Re: Life Tenant Sign Away Rights to Life Estate

    Is it possible for my mother to sign away her rights as the life tenant and allow my sister and I to own it now?
    yes and it is very easy for her to do this. I would suggest you consult a real estate attorney though to make sure all the i's are dotted and t's crossed.

    be sure to inquire about any income tax implications to any of the three of you due to the transaction. Your mother is essentially handing you the value of the remainder of her life estate. I do not know the tax implications but I do know it would be wise that you find out how all of it affects each of you.

  3. #3

    Default Re: Life Tenant Sign Away Rights to Life Estate

    Thank you very much for the reply, it is good to know that it can probably be done. Also we had not thought of the tax implications which would be something we would need to check into.

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