life estate has rights?
I bought a life estate on a piece of land that is owned by 10 people. The person that deeded me the life estate sold his interest to the remaining land owners. They cut some timber but refuse to pay me my share. Does anyone know if I do in fact have the right to timber proceeds?
Quote:
On 2003-04-21 09:40, bert wrote:
I bought a life estate on a piece of land that is owned by 10 people. The person that deeded me the life estate sold his interest to the remaining land owners. They cut some timber but refuse to pay me my share. Does anyone know if I do in fact have the right to timber proceeds?
Bert,
You should check with an attorney in your area since you question is controlled by state law.
In most states, the life tenant (that is you) has a legal right to profits that are obtained from the property. This means you have a legal right to a portion of the profits from the timber. You should talk with your attorney about seeking a "contribution" action thereby forcing the other life tenants to pay you your share.
However, the property was leased out to the person cutting the timber before you became the life tenant, it may be possible that you do not have a right to any of the timber income because the tenants leasehold estate is superior to your life estate. Talk with a true dirt attorney (i.e., real estate attorney). He/she will be familiar with these issues and dealing if the personal property issue (after the trees are cut, they are no longer real property, but rather personal property so real estate law does not cover the trees after they are cut).
Hope that gives you some direction,
Taxjunkie