Real Estate

If you are given a life estate and you need to sell it and you are entitled to a third of the profit can you reimburse yourself from the estate all of your expenses while you lived there?

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Wiki User
February 23, 2008 7:30PM

A life estate is not an inheritance as such as you are merely permitted to use it for the rest of your life and have no ownership to it if you decide to give up your rights to the life estate and the respective heirs to it decide to sell it then you are entitled to receive one third of any profits gained from the sale and may not reimburse yourself of any costs you incurred whilst you were permitted to live there as it has never ben owned or part owned by you.