A common issue that arises is dealing with insurance companies over the names on insurance policies. Technically, insurance should held in the name of the owners of a property.
In the case of a trust, the legal owner on the title of a property is the trustee/s (while the beneficial owner is the beneficiaries). Clients tend to say “ the owner is the trust”, for example the “Smith Family Trust”. Assuming the trustees are Mary & John Smith and an independent trustee called XYZ Trustee Limited, the better description is “Mary Smith, John Smith and XYZ Trustees Limited as Trustees of the Smith Family Trust”. That's a bit wordy, so alternatively the shorter version of “Mary Smith, John Smith and XYZ Trustees Limited” will legally suffice.
A minute referring to the existence of the insurance policy or life policy in such circumstances, prepared and signed by the trustees, is prudent.Hi Matt, I have just attended the property school and just want to say it was really a worthwhile experience doing it especially for me who is planning to start as an investor (or trader). Thanks again for sharing your invaluable knowledge. P.S. Have also told my friends/colleagues, who are also interested on property, to attend the next property seminar. Best regards, - Brian
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