Have you placed your home into a trust or an LLC? If so, please be sure to let us (or
your insurance agent) know immediately.
Even though you have changed the legal ownership of your home, your risks remain the same. If you don’t have the trust or LLC listed as an “additional insured” or “named insured” on your homeowner’s policy, you may have a challenge with a claim if your home is damaged or someone is injured on your property.
Each week in the Greenville Journal, you can find a list of property transfers from a prior week. The information includes the address and subdivision of the property, along with the sale price, buyer, and seller. Just last week, ten homes that were purchased for $370,000 or more were listed in the name of an LLC.
There are many reasons people choose to set up a trust or LLC. A trust can give you better control over your assets than a will might. Trusts allow you to place your assets in an arrangement to benefit you or your beneficiaries and does not have to go through probate upon your death.
For estate planning purposes, an LLC can provide estate and gift tax benefits from one generation to the next. Most LLCs are formed to run a business, but anyone can form an LLC for the purpose of managing property. As to which is better suited for your needs, we will leave that to your financial advisor and/or attorney.
If you are considering or have already deeded your home into a trust or LLC, it’s critical that you let us know. We will immediately add the name of the trust/LLC as an “additional or named insured” on your homeowner’s insurance.
Some of the information we may need includes the following:
- Who is listed in the Trust/LLC?
- What is the purpose of the Trust/LLC?
- Does the Trust/LLC have tenants?
- Does the Trust/LLC own other properties not listed on this policy?
- Does the LLC conduct any business and, if so, what type?
- Does the LLC have employees?
Your home is one of your most valuable assets. Let’s make sure you are protected. Contact us today.
