Alabama | Wills and Trusts
Legal Question
division of insurance proceeds
My husband and I own a lake house that his dad and stepmother live in. We pay the homeowners' insurance on the property that includes contents/personal property coverage. The stepmother brought her personal property into the home when she married my husband's father. We need an agreement whereby she agrees to accept a certain sum of money in payment for her personal property in the event the lake house is destroyed; not the entire amount as shown in the policy because we have property in the house also. The stepmother is not entitled to anything except what furnishings/personal property she brought to the house. We own the lake house and all other structures adjoining it as well as the furnishings we placed in the house. We want to make sure if the property is damaged, i.e., fire, she accepts only a certain amount of money in satisfaction of her personal property. Nothing more, nothing less.
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Read More Answered By: Fred Wood |
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