The Back Niners – Trusts and Who Owns What
Whether you are on the “back nine of life” or not you are probably related to some one who is so we at Herlihy Insurance Group want to share a story about our client.
For this story we will call them the Back Niners. The Back Niners were working with their estate attorney to organize their plans for future years. These plans included transferring ownership of an owned property to a newly established trust.
The Back Niners were thrilled with the concept of “the trust” and retitled their properties in the name of “the trust”. Unfortunately the Back Niners thought their paper work was done.
Our Back Niners DID NOT REALZIE that they also needed to update their insurance policies with this major change. Fortunately they did contact us regarding a few new jewelry items and during this phone call they mentioned “the trust”.
We immediately corrected their policy to reflect the NEW TRUST OWNERSHIP of the property so the Back Niners were now insured.
This got all of us at Herlihy Insurance thinking about how many other individuals might not be updating their policies when they move assets to a trust.
Your home or rental property insurance policy insureds the property listed with a named insured listed and BOTH have to be accurate to have your claims covered!
So if you know anyone out there transferring properties to trusts for any reason, please remind them they need to update their insurance policies with this NEW ownership information. Thanks for helping us spread the word on this one!