Am I covered by my insurance?

[capricorn62]

Recently put my house over to my 2 children, by solicitor with a Living Interest Trust. They now own my home but I can live in it until I die or sell. I dont have to pay them rent but if I say I'm the owner/occupier when I fill in house/contents insurance am I entitled to claim if needed? Should my children have to pay for buildings only?

[woofgang]

but ou aren't the OWNER occupier. You are a tenant. You should have no problem insuring your contents in the circs but not sure about buildings.

[Baldric]

"Until I die or sell"
Can you sell, you don't own it anymore?

[dotty.]

do you mean sell your living interest?

[capricorn62]

yes I can still sell it provided I buy another home. No I dont wish to sell my Trust. Think I may be classed as a tenant so only have to insure contents then.

[Peter Pedant]

contents by yourself
and buildings by your kids

You HAVE taken advice about wheether it is wise or advisable to turn your house over to your children and then remain in it, rent free.
You still have an interest in possession which may defeat what you wisht to do (depending on what you wish to do). But you say you did it thro a solicitor so presumably advice was part of the package

[themas]

I don't understand how you can sell it if you no longer own it - that is presumably part of the trust. However, I once had to insure a house I didn't own (for reasons too complex to go into). I was assured by the insurance co. that this was OK, until someone more senior (& more on the ball!) said I couldn't insure it as I had no legal financial interest in the property. So I guess your children will have to insure the house (but in your own interest you need to make sure they do so & that they keep the insurance up to date). They will also presumably have to make the insurer aware the house is, in effect, let out & probably give them information about the trust.

[Barmaid]

Check the terms of the trust. Unless the trust document varies it, the trustees have a duty to ensure it is insured. So as is said above, they insure buildings, you insure contents. This shouldn't be difficult, it happens all the time (and very often, you have to refund the trustees for insurance, as I say, check the terms of the trust).

Technically you can't sell the property, you can request the trustees sell the property on your behalf and purchase another.