Why would a trustee scale back or eliminate insurance trusts from their purview?
With the ever-increasing complexity of life insurance, many traditional trustees are limiting the number of specialty assets they keep in their custody.
Are there any penalties or cost associated with transferring my trust?
No. Any expenses associated with transferring your trust is being covered by Life Insurance Trust Company or your previous trustee.
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
I received a letter with a notice of hearing, do I need to do anything?
No. Nothing is required of you, the notice is a legal requirement which is sent to all parties of your trust.