"Parents purchased grandpa's farm in the 70's for tax value and put into a life estate 16 years ago equally for their 3 adult children"
Do you mean (if you know) the property was then placed in the names of the 3 adult children SUBJECT TO a Life Estate in the parents????????
When elderly clients come to me for estate planning I advise them (if they arent interested in selling the farm whatsoever, want kids to have it when they die) to deed their real estate over to whichever or all kids equally or anyone they wish to have it when they die SUBJECT TO THE RESERVATION OF A LIFE ESTATE IN THEMSELVES. In laymens terms that means mon n dad can live there for the rest of their lives and when they are dead the property passes (outside of probate mind you, file a cheap easy simple survivorship affidavit) to whomever they desired.
IFFFFFFFFFFFFFF thats the case, mom n dad are not free to nor can they sell any fee simple interest to the one farmer dude you mentioned THEY ARE NOT SIEZED OF THE FEE. The only thing they have to selL is what they have, which would be the right for someone else to live (or farm etc) their for the rest of MOM OR DADS LIFE. Then once both mom n dad are dead, the full fee simple reverts back to the kids names placed on the original deed of conveyance. The farmer dude would then have to EXIT unless the kids leased or sold it to him.
Again, ifffffffff thats the case, sure, also the 3 adult children could sell whatever rights they have to the farmer dude, which would be the full fee simple right to that farm AFTER mom n dad die, and in the meantinme (if they wanted) mom n dad can also sell their Life Estate which would mean framer dude has it alllllllll now if ALLLLLL the kids whose names are on the deed PLUS mom n dad agree......
Im trying to explain (ifffff the deeds is as I asked above) ONLY MON M DAD AND THE ADULT CHILDREN CAN MAKE ANY SALES NOTTTTTTTTTTTT ANYYYYYYYYY of the other people you mentioned, they have no say so, sorry Charlie. ONCE MORE THIS IS SO only IF THE DEED WAS PLACED IN TEH NAME OF THE 3 ADULT CHILDREN SUBJECT TO LIFE ESTATE IN MOM N DAD
In the alternative if the original deed instead granted life estates in the 3 adult children, those 3 children (and only them) can sell what they have (right to possession in their lifetimes) but who owns the remainder interest?????? NOW SEE WHY YOU NEED PROFESSIONAL ADVICE INSTEAD OF LAY PERSONS ???????????
AGAIN this is an area in which you need to seek competent local professional trained counsel familiar with the laws of your jurisdiction NOT LAYMENS ADVICE ON A TRACTOR FORUM (nor even mine as a professional attorney unfamiliar with all the facts and unfamiliar with your states laws) AS FAR AS THE SPECIFIC LEGAL ISSUES AT LEAST, USE CAUTION.
I do some estate settlements AND SEEMS LIKE IT NEVER FAILS.......Mary lives next door to mon n helps her daily n pays her bills n does all the work for no charge n takes care of mom, BUT WHEN MOM DIES BROTHER FROM CALIFORNIA (who never visited or helped) SHOWS UP AND IS GOING TO BE THE BIG BOSS AND ORDER EVERYONE ELSE AROUND..
So best wishes n God Bless, for sure use professional appraisers so noneeeeeeeeeeee of the family members have any gripe as to the sales price in the event a sale is made AND SEEK ADVICE FROM AN ATTORNEY IN YOUR AREA. The money paid to him will be well worth it if dispures arise later.........
John T, retired Electrical Engineer, now Country Lawyer in Indiana
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