Ten Mistakes TOLI Trustees Make, Part 1

Ten Mistakes TOLI Trustees Make, Part 1

Michael Brohawn, CFP, CLU, Chief Marketing Officer, ITM TwentyFirst
Jason Hassman, ITM TwentyFirst

Trust Owned Life Insurance (TOLI) Trustees face a daunting task. First, they have to understand their roles and fiduciary responsibilities. Then they have to implement an administration program with tax and legal implications. In addition, they have to manage an asset, life insurance that is one of the hardest financial assets to manage. And they must do this while communicating adequately with both grantors and beneficiaries, and simultaneously mitigating liability. It is not easy to do, but there are a number of areas where trustees often err and managing these areas better will allow the trustee to provide better service and reduce risk. This series provided the TOLI trustee with a robust discussion and real life examples to help them provide better client services. This session covered the first 5 Mistakes: Failing to Understand Responsibilities as a Trustee, Failing to Price Services Correctly, Failing to Understand the Trust Document and Policy When Taking in a Trust, Failing to Adequately Document a Prudent Process and Failing to Adequately Communicate with Both grantor and Beneficiary.

Download Handbook Here: Ten Mistakes TOLI Trustees Make, Part 1