Yes my parents set up a trust as co-settlors. The original attorney is long gone and we hired a trust administration attorney.
I haven't asked her about umbrella coverage yet.
But she's been generally talking about how we will split the assets up among several trusts, the one tied to my late father is irrevocable but we can create a trust for my mother which is revocable while she is alive.
We haven't done the mapping of how the assets will be delegated.
The idea is to minimize estate taxes down the line.
My mother is 83 and she still drives so I wanted to make sure we cover her to the highest extent possible.
But recently we refinanced the mortgage on her residence, which is held in trust.
So I applied for her and at closing, when they discovered she resigned as trustee and that I'm now trustee, they had to change the paper work around. Essentially, I assign the property to her temporarily for the purpose to getting the new mortgage and then she assigns it back to the trust.
That is why I'm unclear on whether to get umbrella policy for her or increase the coverage on my own policy to cover some of the estate assets.
So you took the house out of the trust so that you could get a mortgage on your mother's house and then you changed the owner back to the trust, is this correct? I assume you did this because she could not get a mortgage on a house that was not in her name? (that is a question) Did this violate the mortgage agreement? I understand you were not trying to do anything wrong and I don't know if you violated anything in the mortgage agreement. But I have to think there was a reason they wanted a to have a house in a person's name for the mortgage.
Also, getting yourself as trustee would likely not protect the items in the trust, but may cover errors and omissions as trustee.