Tuesday, December 17, 2013

An Insured Trust Transfer for Fred

Fred worried a little as he gave Wilma the letter from their lawyer, Sam Solid.  “Wilma, what if someone has sued us?” he asks.

“Fred, this should be something good, probably about our new Trust,” Wilma tells him.  “I’m right!  Our house is now officially owned by our Trust,” she says as she opens it to see a copy of the recorded Deed they signed about a month earlier at Sam’s office. 

“I’m glad that we already told our homeowners insurance agent to add the Trust onto our policy as an additional insured,” Wilma says. ‘Why?’ asks Fred.

“Sam told us we needed to do that so we would be sure to have our whole house insured in case a rock slide wiped it out,” Wilma explains. 

Sam told them their homeowner’s insurance pays up to the value of their ownership interest in the house, but that once they signed the deed transferring the house, their Trust would own it, not them.  “So if we didn’t list the Trust on our policy, the insurance company could deny our claim if the house was destroyed, because we technically don’t own it anymore,” Wilma remembers.

For advice about safeguarding your assets when you transfer them into your living trust, call our office at (815) 436-1996 for an appointment.

©2013 Gruber Law Office, Ltd.


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