What are my liabilities and safety issues on a house I own but do not live in? 2 Answers as of July 21, 2017

I will become the beneficiary of my father’s house. It is paid off. I will keep it and let my brothers live in it. I am married with kids and own a home already. If they do something stupid and get sued, or burn the house down, how do I protect myself and my personal home and family? Is there an inheritance tax?

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LAW OFFICE OF ROBERT I LONG
LAW OFFICE OF ROBERT I LONG | Robert I. Long
You should take out a standard homeowner's insurance policy that includes a rider for non-owner occupancy. The policy limits for the liability coverage can be negotiated, and I recommend it at least match or slightly exceed the value of your other assets. Also consider 'replacement-cost' for the hazard portion of the coverage, which means that if the house is destroyed it is replaced, but built to modern standards (i.e., "to Code").
Answer Applies to: California
Replied: 7/21/2017
Patrick W. Currin, Attorney at Law | Patrick Currin
You will need liability insurance and rental agreements with your brothers even if it only for a nominal amount. There currently is no inheritance tax on estates of less that $2.4 million.
Answer Applies to: California
Replied: 7/21/2017
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