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My wife and I live in Tampa Florida. We each have revocable…

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My wife and I live...
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: 2 years ago.Category: Legal
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Answered in 4 minutes by:
2/1/2016
Lawyer: Richard, Attorney replied 2 years ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,219
Experience: Attorney with 29 years of experience.
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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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