Me: I'd like to get a quote for some insurance for a house we own in
California that we rent out. We'll need earthquake insurance too.
Rep: Are you the owner?
Me: I'm the trustee. The house is held by a trust.
Rep: Is that like a living will?
Me: Uh, no, not at all, actually.
Rep: Please hold.
Rep: Who owns the house?
Me: The trust owns the house.
Rep: What's the name of the trust?
Me: The Elsbeth Beach Trust.
Rep: Who is that?
Me: My mom.
Rep: Well, she's the owner, she would have to purchase the insurance.
Me: No, the name is irrelevant. She's the beneficiary. I'm the
trustee.
Rep: And she lives in the house.
Me: No, she lives near me in Colorado. The house is in California. We
rent it out.
Rep: Well, it's her house.
Me: No. The house is not owned by a human being. It's owned by a
legal entity called a trust.
Rep: Well, who takes care of it?
Me: The tenant calls my sister when she has problems.
Rep: Your sister is in California?
Me: Yes.
Rep: So is she the owner?
Me: Is there someone else I can talk to? Can I talk to someone in
underwriting?
Rep: Underwriting is going to want to know who owns the house.
Me: THE TRUST OWNS THE HOUSE.
Rep: <dripping with suspicion> Explain to me how there can be a trust
with a trustee AND a beneficiary.
Me: Sweetheart, my job is not to explain legal trusts to you. Can I
talk to someone else?
Rep: Is the house on a yearly lease?
Me: No. It's month-to-month.
Rep: Well, we wouldn't cover it then. It has to be on a yearly lease.
Me: All righty then. Bye.
--
Dover
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