Answer: Many traditional trustees are limiting the number of specialty assets they service because of the unique requirements for managing such assets. Life insurance in one specialty asset that is particularly complex and unique to manage, and thus, many trustees are seeking to find suitable successor trustees for their clients.
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. To complete the transfer of trusteeship, a hearing will be held in the South Dakota courts. There is no action that needs to be taken on your part, but you may attend the hearing if you wish to object to the transfer of your trust. Once the judge approves of the transfer, Life Insurance Trust Company will become trustee of your trust.