Good evening guys,
So I have a trust with my properties named in it. Today i got off the phone with my rental insurance company and they told me I should really have the trust as the insurance holder rather then myself. Is this really necessary? I'm trying to understanding why its important. Right now everything is under my name rather than the trust.
Also, if that's the case, what else would i need to rename to the trust?
So far I have:
2. Deed? (I don't think as its under already under my name)
5. Property manager
It would be probably a lot of work and right now i'm not sure why it is necessary. Any info would be appreciated. Thanks!
Good question but all the trust I have seen, most assign a name and a percentage to the trust I have seen...but also with the name...jones family trust...or Ed and Mary Jones assign 30 percent of business to Acres Trust? Not sure but I think the reason is to protect any investments from being found in your name? Should you be sued? If sued then they cannot take your whole business if in the trust of another fictitious name? If you have heirs to the trust do you have to name them in the trust or separately in a will only? But great question! Sorry I am asking more questions to yours...!
If your properties are financed, talk to your lenders too. If mortgages are in your name and you're moving real property into the trust, there could be unintended consequences.