Naming a non-professional is a mistake for many reasons
Sometimes the worst decisions we make are made because of two reasons – first, they are easy to make and second, the decision does not cost us anything – we can make that decision without incurring a cost.
Nowhere is this more evident than in the naming of a trustee for your ILIT.
Naming a non-professional as your ILIT trustee is problematic because:
- They do not have the requisite knowledge needed to manage a life insurance
- They do not have the time.
- They do not have a procedure in place to manage your ILIT
- They do not have the wherewithal to understand the trust document.
- They have trouble being unbiased about beneficiaries.
- You are putting your friend, family member or business associate in a position
with potential liability.
- Unlike a corporate trustee, a non-professional trustee
may pass away long before you do.
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