Dear Valued Clients,

You and your family’s financial security and level of asset protection are always on my mind.  I recently read an article in a Financial Planning publication that reminded me to ask you if you have talked to your insurance agent lately. 

In sum, the article discussed a family that transferred their home by deed to their newly established revocable living trust.  The trustee was not the husband and wife, but a family member. This family had previously purchased a home owners and umbrella policy in their individual names. They did not consult their insurance broker about whether they would be insured if title of their home was held in the trustees’ name. Their house burnt down and the insurance company would not honor their insurance because of a specific clause in their contract excluding other trustees.

If you have not already done so, I think it would be smart to contact your insurance agent and ask the question of what happens to you in your specific situation.  You should be able to make your trust an insured on your policy without any change in premium.  If your agent cannot make this simple change, please call me and I will find you someone else that can help you. You can always refer to your wallet size trust ID cards for proper titling of your home in trust for your policy.

As always, if you have any questions please contact me at 949.715.4303 or email me at andersonlawgroup@me.com.