A Trustee Designs a Template For ILIT ReviewsA Trustee Designs a Template For ILIT Reviews

A group of experienced trust officers at a mid-sized trust company has assembled in a conference room. Each member of the group has responsibility for an extensive portfolio of trusts, many of which are irrevocable life insurance trusts (ILITs). The group also has responsibility for training colleagues in their department on ILITs, broadly speaking.

They and their colleagues are about to schedule meetings with clients for annual reviews. The meetings are a great opportunity to hear what’s new with the clients and their families, confirm or revise objectives, talk about the year ahead and so forth. The conversations also help them get out in front of any problems that might be ready to surface with the policies held in clients’ ILITs, the ...