[WSBARP] Insurance on Property In Trust

Thu May 11 13:42:14 PDT 2017

Yes, but the trustee is an entity.

Mark

Ohana Fiduciary Corp.
Ohana Financial Services

Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Teunis J. Wyers
Sent: Thursday, May 11, 2017 12:00 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Insurance on Property In Trust

Actually, the assets of a living trust should be held in the names of persons, such as "John and Jane Doe, Trustees of the Doe Family Living Trust".

On Thu, May 11, 2017 at 11:12 AM, Richard Holland <rich at pnwle.com<mailto:rich at pnwle.com>> wrote:
Not a trust attorney by any means nor an insurance attorney – so basically my input is just about worthless – but logically couldn’t the named insured assign the proceeds to the trust in some memorialized manner?

Thanks,

Rich Holland
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>] On Behalf Of Mark Vohr
Sent: Thursday, May 11, 2017 10:25 AM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Insurance on Property In Trust

Question:  We are trying to determine how to best obtain homeowners insurance for property in a trust.  We are being told the policy has to be issued in the name of a person.  The problem is that if there is a claim, the named person gets the payout – who is not the owner, which I can see as creating a problem for the trustee.

Any input would be greatly appreciated.

Mark

Ohana Fiduciary Corp.
Ohana Financial Services

Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
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