A growing concern for many estate planning professionals is that over the next ten to 15 years there will be an onslaught of litigation by trust beneficiaries against the trustees of irrevocable life insurance trusts (ILITs) because the asset that the trustees were charged with safeguarding has imploded or become worthless.
This article explores some of the basic parameters of the trustee’s job description and highlights actions and considerations for those trustees as they do their best to serve the settlor and beneficiaries of their trust.
This article was first published in the August 2016 issue of Estate Planning (a Thomson Reuters/Tax & Accounting journal).