We live in Florida. I want to set up a trust for myself and my husband. Everything would go to each other, and if both of us are gone there is one child from a previous marriage. She is over 21 and her biological mother is deceased. She lives on her own in another state. Our home which is currently in my name must be put in the name of the trust. My question is that the insurance policy covering the home must then be put in the name of trust as well, so must the trust be named the John and Jane Doe trust or can we call it the Doe trust ? Because my husband is not listed on my insurance policies - home nor auto - since he had some problems in his life and, has a very bad driving record in the state we came from three years ago. I did not list him as a driver of my 12-year-old car as it was only me at first because I came down here alone because my mother had died and he was in jail in the other state for burglary. I know, I know, but we are not rich people and I probably wouldn't have been able to afford the insurance or maybe not even get insurance if they checked his DMV abstract back 20 years. In our previous state, we couldn't get insurance so we insured our car in someone else's name and they just gave us the bill to pay. And if I go to my insurance agent (all the policies are with the same company) saying the house has to be in the name of the John and Jane Doe trust, won't they say well who is John Doe and does he live in your home and drive your car ? And then I'd be arrested for fraud or something, right ? I just never changed anything when he was released and came down here.
What information does the insurance company legally need to have about the trust ?
I am so scared of being arrested and going to jail or being sued or something cause we really couldn't afford a lawsuit. But I am also afraid that if either of us dies of a heart attack or accident (we are in our 50's) or becomes disabled, some other family members will jump in to get the little we have if there is nothing to stop them so I know we need a will at least. And probate can take years and eat up what money there is so a trust is better.
I talked to a lawyer here about setting up a trust and a living will and power of attorney and a health care proxy and all those things. He was very kind and has a special package rate to create all these documents and file the changes with the county and the deed and all for people like us who don't even have $500,000 in assets but I just can't tell him about my husband's past.
With the house and checking account (which is all we have) , it might add up to $300,000 in assets. There is no mortgage on the house. Can you please outline what we should do ? Thank you.
What information does the insurance company legally need to have about the trust ?
I am so scared of being arrested and going to jail or being sued or something cause we really couldn't afford a lawsuit. But I am also afraid that if either of us dies of a heart attack or accident (we are in our 50's) or becomes disabled, some other family members will jump in to get the little we have if there is nothing to stop them so I know we need a will at least. And probate can take years and eat up what money there is so a trust is better.
I talked to a lawyer here about setting up a trust and a living will and power of attorney and a health care proxy and all those things. He was very kind and has a special package rate to create all these documents and file the changes with the county and the deed and all for people like us who don't even have $500,000 in assets but I just can't tell him about my husband's past.
With the house and checking account (which is all we have) , it might add up to $300,000 in assets. There is no mortgage on the house. Can you please outline what we should do ? Thank you.
