To the best of my knowledge, 'probable life' is used to determine the valuation. 

Although I've never had to do one, I believe the attorney and appraiser work hand-in-hand (and the life tenant) to determine the value here in NC.

I have no idea.  Perhaps this is something that you can discuss with their estate planning attorney or elder law attorney. I know with life estate he can pass on the home to the children and avoid probate. 

I would have no idea how to do this... never in 25 years had to. But this sounds like something that needs to be handled by and appraiser in conjunction with an attorney.

Andrew,

I would enlist the help of a CPA or attorney who has a specialty in actuary science.  A

    I would call in an Appraiser for an opinion of value.  

    But first I would consult a real estate attorney who is experienced in life estates.   Also, a principal residence/homestead in my state of Florida can present serious legal challenges.

I wish we knew.

I will have to watch for the answers by others. 

Parked. and waiting for answers.

I have never listed such a property. 

no clue

I'm with most of the rest - no clue and sounds like the need for an accountant and/or an attorney - out of my wheel house for sure

Don't have 'life estate' in AZ. So I don't know.

Absolutely no clue is my best answer!

Above my pay grade

I have no idea and have had no experience with this. I would think an appraiser and perhaps an attorney and CPA need to be involve

I would leave that to the elder care attorney and a fee appraiser....beyond what a real estate agent should handle....

I have not heard of this, and have not run across this over my years in real estate.

There is an actuarilal table that looks like it peeks and starts going down at around 78. I have a friend in this situation and it would actually pay off for her to move out and let the place be sold. It would be money in the bank and none of the expensive upkeep to keep draining her monthly income.

Most attorneys  we know do not recommend them...we have dealt with them a few times...every time...the person and the heirs each had a different idea as to who got how much and when and who paid what taxes. I know in Wisconsin and I suspect other states, it is an actuarial calculation of the length of the life of the person "in possession"...mess, mess, mess.

I would determine that by calling a real state attorney for advice. 

For info visit Ed Schoen

I don't know.

I've never heard of or been faced with a "life estate". We must call them something different here?

Why don't you invite an independent appraiser Andrew Mooers | 207.532.6573 ?

we figured the value in real estae school on one, but in the real world I wouldn't buy a life estate and I don't expect anyone else would either.

I would seek help. I've never done this and wouldn't know where to begin. 

Time to find someone with more experience in this than I have, first call would be to our broker.

If I understand this...the property is worth one price via market and apprasial forces and when someone can have it is subject to a death

Wow, out of my league.

who would buy someone else's life estate?

CPA question.

I agree with Nina.