 Rental Managment through (by donedug [VA]) Jun 23, 2018 1:11 PM
 Rental Managment through (by LindaJ [NY]) Jun 23, 2018 2:15 PM
Rental Managment through (by Ken [NY]) Jun 23, 2018 4:28 PM
Rental Managment through (by donedug [VA]) Jun 24, 2018 2:46 AM
Rental Managment through (by David [NC]) Jun 24, 2018 4:39 AM
Rental Managment through (by AllyM [NJ]) Jun 24, 2018 7:13 AM
Rental Managment through (by LindaJ [NY]) Jun 24, 2018 10:21 AM
Rental Managment through (by donedug [VA]) Jun 24, 2018 4:58 PM
Rental Managment through (by donedug [VA]) Posted on: Jun 23, 2018 1:11 PM
Message:
Mothers will left all real estate equally divided between three children, In Va ownership passes at time of death to heirs. Question in the early days of settlement while all parties are co-owner by virtue of will. It’s concidered a small estate and no Executor quilfied, if there is a rental liability suit of negligence or personal injury bought. Who is liable if proven .
How can i not be made-a party to this. Property may be sold but in the intruim how do i protect myself, having no knowledge of contracts , repair notices, or safety issues. Small time rental . Mom and Pop no LLC --174.226.x.xxx |
Rental Managment through (by LindaJ [NY]) Posted on: Jun 23, 2018 2:15 PM
Message:
This is why you have insurance on the rentals with an umbrella liability policy for yourself. Insurance covers you if someone falls and hurts themselves. The umbrella takes care of anything over and above that amount.
Can you be bought out by the other parties? Do you want to not take this inheritance? Those might be options. Do you own your own home where you understand what taking care of property and building entails? Would one of your siblings take on a property manager position for a fee?
No executor was listed on the will? usually someone is listed to settle things. Other than that, a lawyer and accountant might be the people to talk to. --108.44.xx.xxx |
Rental Managment through (by Ken [NY]) Posted on: Jun 23, 2018 4:28 PM
Message:
You don't have to take a house as an inheritance if you don't want it --72.231.xxx.xxx |
Rental Managment through (by donedug [VA]) Posted on: Jun 24, 2018 2:46 AM
Message:
The question is....no matter who manages or administer s the estate, if the title to the property transferred by will the day the will was recorded, to all three children wouldn’t all responsibilities and liability fall on all three equally even if we hired a rental company to manage it. The insurance is still in Mothers name. I had no intention of ever owning this property so adding insurance policy in my name is not something i thought necessary , I assumed ownership would stay in Mothers Estate until deeded out, --174.226.x.xxx |
Rental Managment through (by David [NC]) Posted on: Jun 24, 2018 4:39 AM
Message:
the only way you will know for sure is to go talk to a lawyer. I don't think the people here can really answer your question. --65.188.xxx.xxx |
Rental Managment through (by AllyM [NJ]) Posted on: Jun 24, 2018 7:13 AM
Message:
If this didn't happen yet insist that everyone get insurance. --73.178.xxx.xx |
Rental Managment through (by LindaJ [NY]) Posted on: Jun 24, 2018 10:21 AM
Message:
The insurance you get in your name is an umbrella policy. It will cover you for larger amounts than any of the other policies have. This is 1 or 2 or more -- Million dollars. It covers you if you are sued because someone hurt themselves on your own real property or boat or car etc. It is over and above the other policies. If you have any decent amount of net worth and own property you want this to cover liability.
Did the title actually transfer the day of the will, or is it still being worked on... If "all real estate is equally divided among the children it might be better if you pick and chose to own a building outright if you can rather than titled to all three.
Either way you need to talk to your lawyer about the options. Every state is different and the fine print means a lot. --108.44.xx.xxx |
Rental Managment through (by donedug [VA]) Posted on: Jun 24, 2018 4:58 PM
Message:
Thank each one of you. I will be calling insurance in the morning. I have a home and four rental LLCs which are all insured with an additional umbrella policy. I just wasn’t sure if they would cover co owner ship and if liability would fall on each of us personally. As i stated before i had no idea title had transfer, i thought it would be in probate for months until division was settled. Thanks again. --174.226.x.xxx |
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