Protecting your home when you own raw land

[Edward Pimentel]

Question to put out there.

Situation: A family member just setup a trust recently (unsure how it is exactly setup). They have their home (with a mortgage) and own 5 or 6 parcels of land (free and clear). They are holding onto the land for now and plan to either gift them to kids/grandkids in the future or leave them in the trust. I don't believe they have those parcels insured but unsure. 

Concern: It is common in their area of Florida, that kids/adults ride dirt bikes and other ATVs in their area because of so much undeveloped land makes for some fun rides for them. Lets say someone were to get hurt on one of their parcels of land. 

Questions: 

1 - Could someone were to sue for getting hurt while on my family member's land? 

2 - If the land and their home was under the same legal entity, could the pursuing party also go after any equity in their personal home?

3 - Should someone have insurance on raw land?

Any other thoughts or angles would be appreciated as well. 

(Side Note - they are not investors. However in minimal learning about structuring legal entities as a multifamily investor, I've learned that if not properly setup, someone may be able to go after other assets/equity within the same entity)

[Jade S.]

Originally posted by @Jeff A.:

I would at least post sign that you are responsible for person trespassing on the property.  

Not fool proof, but might stop someone from trying to go after you 

Another reason why tort reform is badly needed in any potential injury cases that are the result of trespassing like this.  It's nonsense that a trespasser can ignore the fact they are *voluntarily* entering private property to partake in an activity that's hazardous, and then suing the land owner for an injury of their own making.  If they thought that they might be on the hook for legal fees with a loss, it might reduce the numbers of cases like this.  And unfortunately, they do happen....