Posts tagged "Recourse"

What are the cons of willing a house to someone while letting your significant other have “life use” of it?

Question by M3Armand: What are the cons of willing a home to an individual whilst letting your considerable other have “life use” of it?
My mother in law (MIL) would like to will her residence to her daughter, my wife, when she dies. The catch is, she wants to let her important other of 16 years (they are not married) to have “life use” of the property till he dies. In the will, it stipulates that my wife (in other words, we) will be responsible for paying the taxes AND insurance on that residence. So I asked, “If he lives for one more 30 years following you die, then that implies that we would be obligated to pay taxes and insurance on a home we would completely have no benefit from and we wouldn’t be in a position to “evict” him out of it”. If the taxes and insurance had been $ 5k, then that would potentially be $ 150k that we could actually place towards our children’s college – and not towards a significant other with whom we have no blood ties.

So we figure we have a few options:
1) The SO would pay the taxes and insurance coverage so lengthy as he lives there. If so, given that we are the “owner of the property”, what recourse do we have if he does not? I.e. – how can we kick him out if he defaults on the tax payments whilst my wife would be the owner of record?
2) Is it feasible for us to “not accept” the property?
three) One more option is if the MIL would give the house to her SO (so that he would be the legal owner and carry the tax concern) and then have a stipulation that he “offers it back” to my wife when he dies. But is there anyway that this scenario can be legalized? We wouldn’t want the SO’s heirs to all-of-a-sudden stake ownership of the home.

Does everyone have any suggestions on this very delicate matter?

Thanks in advance!

Best solution:

Solution by s4ndr4j4n4
You are appropriate in your initial paragraph. When MIL dies then your wife would be responsible for all the expenditures that you state.

1 would not function simply because he could refuse or default

2 You possibly could

three Is your finest selection, but the stipulation would HAVE to be written into the Will, that tends to make it legal.

What do you believe? Answer beneath!

How do I dispute a partial denial of a homeowners insurance claim?

There was a hail storm in our area and may (most) homes had roof damage, including mine. 95% of the homes in my subdivision have gotten new roofs from homeowners insurance claims. However, my adjuster said my roof was not damaged "enough" to warrant a new roof, only repair/patching to the back side of the roof. I have Allstate and so do several neighbors. Their claims were paid, in full, with now questions asked. The difference between my claim and theirs is the adjuster. They all had a different one than me. I have called and written the main office locally and the corporate office in Illinois, to no avail. They tell me my only recourse is to take them to court.

Each claim is paid according to it’s merit. Each claim is different and has a different set of conditions. It is unfair to compare your damage to the damage of your neighbors because the damage is NEVER identical, and sometimes, the policy is different, and THAT is what determines what and how your claim gets paid.

Whether it’s Allstate, Farmers, State Farm, Joe Blow down the street–the 1st method of repair is just that, repair. If your roof can be fixed by repairing the damaged portion, that is what they pay for. If the only way to "repair" the roof is to pay for an entire new roof then they will pay for a new roof. Your roof would need to be so far beyond repair as a result of the harmful event that it would be cheaper to replace it with new than to repair it.

Look at it like this…..your child is playing soccer with his friends and your kid kicks the ball and it hits your neighbors car denting the bumper. You tell your neighbor you will pay to repair the bumper. Your neighbor wants you to pay for a new bumper. What do you do? Which would you pay for? Most likely you’ll pay for the repair because 1) it’s repairable and 2) it’s less expensive to repair a bumper than replace it with a brand new one.

Insurance is to cover items that are damaged as a result of a covered loss. Insurance is NOT a means of maintaining your home. By no means am I suggesting you haven’t properly maintained your home, but what I am suggesting is for you to put this in the proper perspective.

Knowing Allstate as well as I know them, I’m seriously surprised your letters to Northbrook have fallen on deaf ears. You could take them to court, but you would need to PROVE your roof was beyond repair AS A RESULT OF THE HAIL STORM and nothing else.

You can file a complaint with the Department of Insurance in your state, but they won’t get Allstate to pay for a new roof. What they will do is investigate how YOUR claim, and YOUR CLAIM ONLY, was handled and if they find your claim was mishandled then Allstate could suffer some serious fines. But it still won’t get you a new roof.

From what you write, your claim was paid. You just didn’t get what you thought you were supposed to. I strongly suggest you read your homeowners policy. Look and see if you have a "Right to Appraisal" clause. If you have one, use it.