insuring a house that has been left in a trust

paul515

hi, looking for some advice

my father has passed away and put the house in a trust i his will, me and my son have the option to stay in it until we pass away or no longer want to ourselves, then it is to be sold and the money split according to the will. i am trustee/executor and beneficiary in the will also.

when it comes to house insurance (buildings and contents) as that is a condition in the will, that it must be insured in trustees name. who goes down as the owner of the house and how is it described, for instance owned, rented, mortgaged (the usual options as such). have spoken to several insurance companies and get different answers, 1 said it goes in the name of the trust.  the solicitor i spoke to says the 2 trustees are classed as legal owners, which i can put as the names on account, but unsure on ownership side.

cheers for any help

dunstonh

when it comes to house insurance (buildings and contents) as that is a condition in the will, that it must be insured in trustees name. 

Its not really a condition of the Will.  It is a factual position.   The owner of the property is the trust.   Not you or your son.

 have spoken to several insurance companies and get different answers, 1 said it goes in the name of the trust.  the solicitor i spoke to says the 2 trustees are classed as legal owners, which i can put as the names on account, but unsure on ownership side.

I am surprised the solicitor said the two trustees are the owners.      The trust is the owner.      Did the solicitor use the words "beneficial owners"?    Beneficial owners and owners are two different things and the trustees could easily be beneficial owners.

The bottom line is that it should be in the name of the trust.   This will eliminate some providers on comparison sites but won't stop you from getting covered as there are sufficient companies that will set it up in the name of the trust.

paul515

i only said condition of the will as it states it must be insured in our names (me and son) in the will, while we are living in it.

think im right that the will generated the trust, but how do you name a trust, from what i have seen i need to wait for probate to come through, and what then will be the name of the trust?

the will states like i said the insurance must be in our names, but if teh insurance must be in the trusts name how does that work as i am going against the will.

dunstonh

i only said condition of the will as it states it must be insured in our names (me and son) in the will, while we are living in it.

The Will cannot enforce it.  Putting something in the Will like that was pointless and unnecessary.   It was badly written, as often occurs nowadays with so many amateurs doing Wills and property trusts.

think im right that the will generated the trust, but how do you name a trust, from what i have seen i need to wait for probate to come through, and what then will be the name of the trust?

When the trust was registered, what was it called then?  you stick with the same name.

the will states like i said the insurance must be in our names, but if teh insurance must be in the trusts name how does that work as i am going against the will.

You ignore the Will.     It cannot enforce something that is not correct.    As long as the property is insured, then that is the job done.
If the Will had said "you should not pay council tax" would you follow that?  No you wouldn't.  You would pay it as you should do.   This is similar in that you set up the home insurance as you should do.

paul515

no trust registered yet, as it a will trust i didnt think was required until after 2 years

i_am_new_here

Hi I am also lookong to insure a house in trust but I am having difficulty as there are 3 trustees who are also the 3 beneficiaries  did you manage to find a company that would insure ?