Legal Question in Wills and Trusts in New Jersey

Trust

If I put my home in a trust and deed the property to my brother as trustee, do I need to make changes to my homeowner insurance? And do I need any special permission from my mortgage company before I start?


Asked on 2/12/07, 2:27 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Trust

THE ANSWER DEPENDS UPON WHETHER OR NOT THE TRUST IS INTENDED TO BE REVOCABLE OR IRREVOCABLE? MANY INSURANCE COMPANIES WILL NOT PROVIDE HOMWOWNERS INSURANCE FOR IRREVOCABLE TRUSTS AND MOST LENDERS HAVE DIFFICULTY WITH IRREVOCABLE TRUSTS, EVEN IF THE TRUSTEE SIGNS A GUARANTY DOCUMENT. YOU SHOULD CHECK WITH BOTH YOUR INSURER AND MORTGAGE COMPANY BEFORE YOU DO ANYTHING. MORE FACTS ARE NEEDED TO GIVE YOU MORE THAN A GENERAL REPLY. WHAT EXACTLY ARE YOU INTENDING TO ACCOMPLISH?

Read more
Answered on 2/12/07, 2:42 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New Jersey