Lifetime Dowry Liability

[qqs]

What is the name of your state? Tennessee

My uncle deeded his house and land to me but retained lifetime dowry (originally my grandparents property, deeded to him, but they retained lifetime dowry until their death). He lives in the house, I live in another town. He has let the insurance drop. There is a workshop on the property. I am worried that someone might get hurt and sue me. What is my liability in this situation?What is the name of your state?

 

[John Se]

Its your house right, you better insure it

for the small cost I would insure it.

 

[qqs]

Expensive Insurance

The thing is, I have checked insurance prices. It is a large chunk of $$ since he has a wood working shop on the premises as a business.

 

[moburkes]

What is the name of your state? Tennessee

My uncle deeded his house and land to me but retained lifetime dowry (originally my grandparents property, deeded to him, but they retained lifetime dowry until their death). He lives in the house, I live in another town. He has let the insurance drop. There is a workshop on the property. I am worried that someone might get hurt and sue me. What is my liability in this situation?What is the name of your state?

You've answered your own question. Since you are the owner, you can be sued. You can either take the risk w/o insurance, or pruchase insurance (at whatever cost). You can also get rid of the problem that is causing the premiums to be expensive.

 

[fairisfair]

or, you could just deed it right back to your uncle, apparently you don't seem all that grateful for it anyway.

 

[wdlsguy]

Maybe you could create an LLC, and retitle the land to the LLC. That would limit your personal liability somewhat.

I am not a lawyer.