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Tina
Tina, Lawyer
Category: Legal
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Experience:  JD, BBA Over 25 years legal and business experience.
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My wife and I live in Tampa Florida. We each have revocable

Customer Question

My wife and I live in Tampa Florida. We each have revocable trusts and are both 57 years old. All of our assets are equally split up amongst the two individual trusts.
I have one question.
In addition to getting some liability protection by having trusts, separately, we have had a personal liability umbrella policy -$2million-for many years.
The question is –
Do we even need a separate, private umbrella policy if all of our assets are properly set up in individual trusts?
Submitted: 10 months ago.
Category: Legal
Expert:  Richard replied 10 months ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

Yes, an umbrella policy would still be a good idea. The reason being is that these revocable living trusts simply allow you to avoid probate upon your deaths. But, because they are revocable, they provide no creditor or liability protection for you. So, if there is a problem with any of the assets, even though the assets are owned by the trust, you and your wife still have personal liability. Therefore, I would recommend an umbrella policy to protect against such potential liability.

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