The letter I received stated there was an agreement, petition, and court approval, how does this work?

If you received a letter from your current trustee of a change of trusteeship to Life Insurance Trust Company, your trustee has entered into an agreement for Life Insurance Trust Company to become successor trustee of your trust.  Once the agreement is signed, Life Insurance Trust Company will file a petition to a South Dakota Judge and a hearing date will be scheduled where the judge will rule on the petition.  Once the judge signs the order, Life Insurance Trust Company will become trustee of your trust.