TOLI Resource Center PDF PDF
Unskilled Accommodation Trustee Services An unskilled Accommodation Trustee of an Irrevocable Life Insurance Trust (ILIT) has a duty to provide prudent annual trust administration and Trust-Owned Life Insurance (TOLI) policy risk management service; however, most personal trustees lack the requisite expertise to provide dispute defensible services. Often, they rely on professional advisors for selective ILIT administration tasks but overlook their TOLI policy risk management duties, including carrier and product suitability determinations, and policy performance monitoring. The TOLI Center offers ILIT administration support services specifically designed for accommodation trustees and their professional advisors using the same ILIT administration platform developed and licensed to regulated professional trustees.  This service hs been designed for ILIT fiduciaries seeking administration and policy risk management support services from a nationally recognized provider with 25 years’ experience supporting professional and personal trustees. Annual ILIT Administration Confirmation/Agreement (January) Confirm Annual services, timing and fee. Confirm Gift Notice template. Confirm Crummey Notice template. Annual ILIT Administration Actyivity (January - December) Prepare/mail Gift Notices to Grantor, copy to Trustee. Upon Trustee receipt of Gift amounts, prepare/mail Crummey Notices to Beneficiaries, copy to Trustee. Trust Confirmation Report (November) Mail to Trustee for Trustee confirmation of annual activity, address changes, etc. Yearend Administration Reconciliation Report (December) TOLI Policy Annual Performance Review (Policy Anniversary Date)