Trust agreements and applicable state law dictate how to remove and appoint successor trustees. A review of the trust document will be needed to determine how to name a successor. Generally, this can be done at any time, however, each trust is different.
Life Insurance Trust Company will handle the collection of insurance proceeds upon the grantor(s) death and distribution of the proceeds in accordance with the terms of the trust agreement.
Yes, Life Insurance Trust Company can act as your trustee even if you don’t live in South Dakota. Removing your current trustee and appointing Life Insurance Trust Company as successor trustee will allow the trust to be administered in South Dakota regardless of where you live or where the trust is currently administered.
Many corporate trustees lack the requisite skills to effectively manage ILITs. Life Insurance Trust Company, LLC is the first trust company in the country focused exclusively on life insurance trusts. We have the tools, resources, and team to effectively manage life insurance trusts and insurance policies.