Verbal assurances on insurance often not worth very much
Q: When our son and daughter-in-law renewed their apartment lease, they were told verbally that renter’s insurance would be included and they didn’t need their own policy. A few weeks ago, a fan shorted out and caused a fire at their complex. More than half of their possessions were damaged by smoke or water. The complex put them in another apartment, but they have little furniture now. Then they learned that the renter’s insurance was only a liability policy and not a contents policy. Do they have any recourse since they were misled?
A: They might have recourse if the fire was caused by the negligence of the landlord or by problems such as improperly installed fire alarms or smoke detectors.
The fact that they were told renter’s insurance would be included in their rent probably won’t help them much, especially if the lease specifically states that they are responsible for purchasing their own renter’s insurance.
They should meet with an attorney to discuss their situation and potential case. They can search the words “apartment fire attorney” to find lawyers who handle these types of cases.
Your son and daughter-in-law were very fortunate to have only lost personal possessions. But if their losses are not large enough in value, they might have a difficult time finding an attorney to represent them on a contingent fee basis. Most law firms are looking for cases where people have been injured, as that is where the lawyers can make the most money.
Q: I am a healthy 67-yearold single woman and have never been married. I have more than $5 million in assets. When I die, I plan to give each of my sisters’ grandchildren $100,000 for college, and my house will go to my niece. The rest will go to charity. I have a handwritten will, and I trust my sister to fulfill it. I don’t want to pay a large amount of fees. How can I protect my assets if I become incapacitated?
A: A person with an estate of $5 million should not have a handwritten will. You say you want to avoid fees. A handwritten will is often a recipe for huge fees.
Therefore, you should find yourself an estate planning attorney who can properly create an estate plan for you. Board certified estate planning attorneys can be found at www.tbls.org.
You should consider creating a revocable trust and naming a trust company to serve as trustee if you become unable to serve. They can step in and manage your investments, pay your bills and file your tax returns, among other things, if you are not able to do so yourself.
Q: Where does one obtain a Texas transfer on death deed form?
A: www.texaslawhelp.org
The information in this column is intended to provide a general understanding of the law, not legal advice. Readers with legal problems, including those whose questions are addressed here, should consult attorneys for advice on their particular circumstances. Ronald Lipman of the Houston law firm Lipman & Associates is board-certified in estate planning and probate law by the Texas Board of Legal Specialization. Email questions to stateyourcase@lipmanpc.com.