Legal Question in Real Estate Law in Georgia
Life Estate of Parents 78 and 82
My brother recently offered to buy my parents 120yr old farm, out of the blue, as he wants to hide assets from his ex wives. As POA, I had helped them set up a life estate in 2005 never dreaming it might serve a purpose. I think all six of us children need to agree for any transaction to take place, is this right? or is it my parents alone who can make this decision?
2 Answers from Attorneys
Re: Life Estate of Parents 78 and 82
It may well be that they can sell to your brother, but it is impossible to tell without reviewing the terms of the life estate. Consult with a local attorney.
Re: Life Estate of Parents 78 and 82
We can't possibly know the terms of the life estate (you say zero about even who the life tenants are), what the six children have to do with that )or anything else), who has the remainder interest, or any other relevant facts you leave out. Your parents should see a lawyer to make sure their wishes are carried out properly and, if necessary, correct things done in the past.
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