By Joel Krooks, Esq.

Transferring your real property to a Revocable or Irrevocable Trust can be an effective estate planning tool to help your estate avoid probate, plan for Medicaid or to avoid an estate recovery from Medicaid.

When the real property is transferred to a Trust, it is important to inform your homeowners and umbrella insurance companies that you transferred the property to the Trust. The insurance company will either transfer the title of the property to the Trust or add the Trust as an additional insured.

Although this may seem unnecessary, you do not want to have any issues with the insurance company when you file a claim. You should receive confirmation in writing of the change.

If anyone owns real property in a Trust, your insurance company needs to be made aware of it. If you have any questions on how to accomplish this, do not hesitate to contact Littman Krooks LLP to discuss.