As winter storms plow through most of North America, a lot of people have been forced to ask themselves some challenging questions: What do I do if my pipes burst? And for renters, who is responsible for fixing them, and who is accountable for winter damages? This is where the landlord/tenant relationship gets complicated.
In general, it’s the landlord’s job to ensure the tenant has a safe, habitable living space—which means keeping a roof over their head and ensuring their plumbing works. But like most everything in landlord/tenant situations, the question of ownership in these situations should always be listed out in the lease. This means that for freezing temperature scenarios, the landlord should specify in the lease if he or she has certain safety measures for renters to practice to avoid home damage in cold conditions.
On the other side of the situation, it’s the tenant’s job to ensure they are taking the right precautions to keep the home undamaged. It could be determined that you didn’t take the necessary actions to prevent damages, even if caused by uncontrolled circumstances, such as the weather. These precautions should be specifically listed out in the lease, so this is where tenants should look first when they’re wondering what to do. Some possible things it might say in the lease when it comes to freezing temperatures could be:
If precautions are not mentioned in the lease, the landlord is ultimately on the hook for repairing the pipes and any damage to the property. Important note though: This only applies to the physical property, not your personal belongings and furniture! So if you do have a flood, you will be responsible for YOUR personal property, which is why it’s always recommended to have renter’s insurance.
A Transfer on Death Deed (TODD) is a tool you can use to avoid probate on your real estate. Instead of waiting months for a court process, your home or other real estate passes directly to the person you choose.
This document determines who is responsible if something goes wrong based on the property's past. And unlike other deeds, it leaves a gap in protection that many buyers don't see coming.
If you own a home, carry life insurance, or have money in savings, you have something worth protecting. Using a Trust to direct who will receive those assets, when, and under what conditions is a great way to provide for your family.
DIY Wills can cause problems. You could fall for any of several estate planning myths, and you won’t be around to make fixes if something is incorrect. Getting a lawyer’s advice is the best place to start.
An irrevocable Trust can help protect your assets from creditors and even lower some taxes. It also lets you decide who gets your assets when you pass away. Using an irrevocable Trust has both pros and cons.
A codicil lets you make specific minor edits to your Will. Creating one is a simple way to update your wishes without having to start from scratch.
