Orange County California
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Without proper insurance on property held in a living trust, trust assets in an Anaheim living trust are at risk of damage or loss. Successor trustees of living trusts have a duty to protect the trust’s assets. One way to protect these assets is to insure them adequately. Do you think you insurance is unnecessary? Think again. Any number of things could go wrong, resulting in damage to the assets.

The following are six examples of what can happen without proper insurance on property held in a living trust:

  1. A fire could occur on real estate owned by the trust, causing significant damage and making it difficult to fund repairs after the blaze.
  2. Valuable jewelry could be lost.
  3. Priceless artwork could be stolen.
  4. A tenant of a rental property owned by the trust could file a lawsuit accusing the property owner of negligence in providing habitable living conditions.
  5. A visitor on one of the properties could suffer a slip and fall accident and file a lawsuit against the property owner.
  6. A beneficiary or trustee could be driving a car owned by the trust and become involved in an auto accident.

If any of these unfortunate events occur, the net result is harm to the beneficiaries of the trust. Consequently, the trustee could be held liable for failing to protect trust assets. Obtaining insurance would provide protection against these unfortunate events.

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Due to the CoVid19 virus California has issued a Stay-at-Home order. We understand how important the health and safety of our clients, and our staff is. We are complying with this order by continuing to work from our homes. While we are not in the office, we are still here to answer your questions, conducting consultations for review, and initial appointments by phone and email during normal business hours. We know that in this time, more than ever, it is important to have peace of mind about your estate planning. We are here to help you through this. Call our office number or email us and we will respond as quickly as possible.