Adding a trust is a great way to protect your family even when you are gone; Justin explains the process.
In recent years it has become a common practice to set up a trust in order to protect your assets from probate, which can be a long and costly process. This becomes especially important if you own real estate in different states, as each state has its own probate proceedings.
It is very important that you speak with your insurance agent to notify them of any changes. If the ownership of the home has changed, the trust will need to be added as named insured or additional insured. This can vary from carrier to carrier on how they will allow the trust to be added. You may also want to add your trustee on the policy as well so they are able to make any changes in the event of a death.
Adding a trust is a great way to protect your family even when you are gone. It is important that you discuss these changes with your insurance agent in order for them to make the proper changes.
For more information please contact Justin here.