Hi everyone,
I'm revisiting my affairs and have a question about what happens business rent after you die. I'm self-employed and rent an office that has a five-year lease. We are in year 3 with an option to renew for another 5. I've become concerned about how this could affect my wife should I become incapacitated or die. The last thing I want her to do is have to deal with some kind of lawsuit against my estate. I reviewed my lease and there is no mention of what would happen in this situation. I admit it's a low probability, high impact scenario, but my risk-tolerance for this sort of thing is quite low.
Is there an insurance product that would cover rent upon the death of a tenant? All I see is articles about business renters insurance, but that does not cover business rent. Does such an insurance product exist? Or, is it possible through estate planning (i.e., a professional will, a trust, etc.) to remove this liability?
Thank you for your help!
I'm revisiting my affairs and have a question about what happens business rent after you die. I'm self-employed and rent an office that has a five-year lease. We are in year 3 with an option to renew for another 5. I've become concerned about how this could affect my wife should I become incapacitated or die. The last thing I want her to do is have to deal with some kind of lawsuit against my estate. I reviewed my lease and there is no mention of what would happen in this situation. I admit it's a low probability, high impact scenario, but my risk-tolerance for this sort of thing is quite low.
Is there an insurance product that would cover rent upon the death of a tenant? All I see is articles about business renters insurance, but that does not cover business rent. Does such an insurance product exist? Or, is it possible through estate planning (i.e., a professional will, a trust, etc.) to remove this liability?
Thank you for your help!
Statistics: Posted by Therapist Investor — Wed Feb 28, 2024 8:25 pm — Replies 0 — Views 170