On 10 Apr 2008 22:26:42 GMT, Dover Beach <moon.blanched@[EMAIL PROTECTED]
>
wrote:
>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.
I had a similar experience. After explaining to the rep what a trust
was and how it worked, he needed to absorb it all and call me back.
After the call back, he requested a copy of the trust. So I faxed the
skeleton version which is all they are entitled to see. Then I get a
call back that there were pages missing. Then I had to explain that
the skeleton version was all he was entitled to see. Then he
explained that the legal department was requesting the whole do***ent.
So then I had to call the legal department and go round and round with
them, until I finally got someone who knew what they were talking
about and straightened things out.
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