Property Placed in a Trust

March 28, 2011

I have several clients whose property has been placed in a living trust. They own nothing. Their trust owns all their property and they serve as trustees. Who should be the insured under the homeowners, auto, and personal umbrella liability policies now issued in the individual names? Should the policies be issued in the name of Mr. X, the individual, and in Mr. X, trustee of his trust? Likewise for Mrs. X, the individual, and Mrs. X, trustee of her trust? With the above wording, will these policies work to protect non-business assets placed in the trust under homeowners, auto and personal umbrella forms?