December 17, 2021
Should you put a Deed in a Revocable Living Trust?
Should you put a Deed in a Revocable Living Trust?
In this episode, Chris Berry answers: Should a homeowner’s policies be in the name of the revocable trust if your deed is in the name of the revocable trust?
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Episode Transcript
Should homeowners policies be in the name of the revocable trust if your deed is in the name of the revocable trust? Welcome to Berry’s Bites. Please join our host attorney and financial advisor Chris Berry.
So we have a revocable living trust and the deed is in the name of the revocable living trust so depending on the situation typically I’m not a big fan of this if you have a revocable living trust. Typically instead what we’re going to do is we’re going to do the lady bird deed to say that it’s still in your name while alive and then only upon death does it go to the revocable living trust. There’s a couple reasons why that we do that first with a married couple you’re destroying some asset protection nature that married couples have through what’s called tenancy in the entirety is by putting it into a revocable living trust second if you have to refinance sometimes they’ll want you to take it out of that revocable trust, but yeah with regards to the homeowners insurance if you have it owned by the trust i’d recommend that you have the trust as an additional insured but again i typically wouldn’t put it directly into the revocable trust in the first place. Thank you.