Growing up, my Dad used to use the phrase, “the shoe maker’s kids with no shoes.” This saying apparently was not a Dad original, but a version of an old Spanish proverb that translates roughly to the saying, ‘the cobbler’s children have no shoes.’ Meaning that someone with a specific skill is often so busy assisting others, that their own affairs go unattended.
This week at Herlihy Insurance, we had our own family version of no shoes! We will keep the players anonymous as we do not want a shoe discussion at our next family event.
Two years ago, two properties that we all visit regularly were put into the name of a trust. At Herlihy Insurance Group we love both trusts and LLCs! So we really are all for properties going into a trust! Used appropriately, they can provide many benefits for property owners and beneficiaries. We leave all of that organizing to the legal, accounting and finance people.
All we ask at Herlihy Insurance Group, is that all property owners check that they are correctly named on any insurance policy that they hold. Whenever there is an “ownership change” (no matter how insignificant you may think it is!), always check that your insurance policies are updated to reflect any changes.
When working with trusts and your insurance policies, although you may not have changed who lives where and who does what, your insurance policy information does need to reflect the exact property owner information. You do want both your trust and your individual exposures covered on your policies.
At Herlihy Insurance we are seeing all different types of trusts and LLCs being utilized. Please remember to keep us in the loop on these updates in ownership so we can keep your insurance protection working for you! Questions on your properties and how you are insuring them? We are here to help!