Legal Question in Wills and Trusts in California
Living Trusts
When insuring a home that is in a living trust with several parties on the trust, do all the parties have to be named on the policy or is the Trust name adequate?
1 Answer from Attorneys
Re: Living Trusts
A living trust is not really a separate legal entity. Rather the trustees owne the assets, subject to the terms of the trust agreement. The insured are the Trustees. The beneficiaries have no present interest in the assets, only an expectancy interest. The insurance policy should insure, "John & Joan Smith, Trustees of the Smith Family Trust, dated April 1, 2006"
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