Life Insurance Trust Company provides fiduciary services to grantors and beneficiaries of irrevocable life insurance trusts (ILITs). This includes managing the insurance policy assets in the trust. We take the time to learn about the goals and objectives of your trust. We are a part of your team and will work with your attorney, CPA, and financial planner to match your ILIT to the goals you set.
When your trust enters Life Insurance Trust Company the following occurs:
A team of professionals will review the trust document and the policy. An initial policy report will be produced to establish a baseline and identify any remediation needs for the trust assets.
An introduction to the team handling your account; each account will be assigned a Trust Officer and an Insurance Specialist.
Establish ongoing requirements specific to your account, such as gift notices, Crummey Letters, and ongoing reporting requirements as needed.
Your policy will be reviewed on an annual basis to monitor performance, identify remediation measures if needed, and ensure it is consistent with objectives.
Life Insurance Trust Company is dedicated to our clients and is here to answer any questions you may have.
Frequently Asked Questions
Answer: Yes, Life Insurance Trust Company can act as your trustee even if you don’t live in South Dakota.
Answer: No. Life Insurance Trust Company regularly serves as successor trustee for existing trusts and does not charge fees for transferring your trust to Life Insurance Trust Company from your previous trustee.
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.
Answer: Absolutely. Every account at Life Insurance Trust Company will be assigned a Trust Officer and an insurance specialist to answer any questions you may have.
Answer: Absolutely. Life Insurance Trust Company will work with an advisor of your choice and will provide them with policy review information if desired. We strive to be a great strategic partner with your outside advisors.
Answer: Life Insurance Trust Company will send notification of any premiums due for policy(s) held in your trust.
Answer: Yes, Life Insurance Trust Company will provide you with an annual policy review and annual statement showing all activity on your trust account.
Answer: 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.
Answer: No. Life Insurance Trust Company and its affiliates do not sell life insurance. As a fiduciary, we provide objective independent advice and act in the best interest of the beneficiaries.