Remaindermen legal liability
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Remaindermen legal liability
My deceased father left his second wife a life estate for his lien free office building with my brother and I listed as the remaindermen. The second wife states she has an insurance policy for the building.
Question If a significant incident occurs on the property grounds in which a 3rd party brings a lawsuit for damages, what happens if judgment is passed in favor of the third party in an amount that exceeds the life tenants insurance policy. Can my brother and I remaindermen be sued for the balance of the judgment that is in excess of the life tenants insurance policy maximum coverage? Another way to ask, as the remaindermen, can we be held legally responsible for incidents a 3rd party may bring against the property or is the life tenant solely 100 liable for any claims brought against the building?
Asked on September 26, 2018 under Real Estate Law, Pennsylvania
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The life tenant (second wife) is solely liable for third party claims against the property during her lifetime. Claims filed after her death when the remaindermen are in possession of the property will hold the remaindermen liable. Potential liability of the remaindermen doesn't commence until they are in possession of the property.
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