Our successor trustee services provide a simple solution for financial institutions who no longer want to serve as trustees for some or all of their irrevocable life insurance trusts but wish to maintain a relationship with the grantors and beneficiaries.
ELIMINATES THE COST AND RISK OF ADMINISTERING ILITS AND MANAGING POLICIES.
eliminate costs
With LITCO as your trustee, you eliminate the annual expenses required to administer ILITs.
we don't compete
Once a policy funds, the referring bank or trust company has the first right of refusal to take the funded trust back.
eliminate risk
Administering life insurance policies comes with great legal and regulatory risks, which LITCO assumes as trustee.
Our team of independent trust administrators, life insurance experts, and underwriters work to maximize the value of each policy and trust for your clients and their beneficiaries.
As successor trustee, we provide in-depth policy management and trust reporting services.
Trust Administration
- Notify grantors when premiums are due
- Handle Crummey notices to beneficiaries
Policy Reviews
- Annual policy reviews to identify performance issues
- Analyze new or replacement policies for risk prior to acceptance into trust
Policy Management
- Ensure that premiums are paid
- Ensure that policies are in good standing
Trust Management Reporting
- Generate comprehensive reports on all trust activity
- Simplify internal and regulatory audits
Policy Remediation
- Provide solutions for troubled policies, changes in premiums and riders
- Appropriate documentation to mitigate liability
Branded Client Communication
- Customize all grantor and beneficiary communication with your branding
our team is here to help you choose your optimal partnership style
BULK TRANSFER
TRADITIONAL TRUSTEE SUCCESSION
ELIMINATE RISK
ARE YOU READY TO ELIMINATE THE RISKS AND COSTS OF ADMINISTERING ILITS IN-HOUSE?
Name Life Insurance Trust Company as trustee of your book of irrevocable life insurance trusts and we assume the liability associated with the administration process. With our team managing the day-to-day trust administration, we improve your operational efficiency by allowing your team to focus their efforts elsewhere.
Life Insurance Trust company serves 7 out of the top 10 largest banks and trust companies
RECENT BLOG POSTS FOR BANKS & TRUST COMPANIES:
partner with LITCO and your team will gain access to real-time trust data online!
Our online portal allows authorized advisors to access trust account documents, annual reports, and additional correspondence from any device. This 24/7 access helps ensure your team has up to date documents and the information necessary to better manage your client’s assets.
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