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ILIT Administration

ILIT Administration Life insurance can play an integral part in your financial well-being and overall wealth. Traditionally, it has been used as an important source of funds for family support if your bread-winning loved one dies; it can cover the payment of federal and state estate death taxes; for leaving a legacy for your next generation; and more recently as being used for asset diversification and a tax-favored investment. An ILIT (Irrevocable Life Insurance Trust) is a popular tool to use in your estate plan. Its primary function is to own and be the beneficiary of one or more life insurance policies. ILITs require ongoing maintenance and oversight from a trustee. A trustee’s essential responsibilities can include distributing annual Crummey notices to the beneficiaries and paying premiums to support the life insurance policy held by the trust. But have you and your trustee thought about the fiduciary responsibility under the Uniform Prudent Investor Act (UPIA)?

AUCTORIS provides you with a total solution for administration of ILIT Crummey services and compliance with your fiduciary responsibility as Trustee. We will provide an audit of the policies in the ILIT to ensure that they are performing as illustrated and that it is still an appropriate product for your current situation.

  • We help you manage your ILITs using one of America’s leading Crummey services software.
  • We safely encrypt documents and records for your ILIT with 24/7 access available to your trusted ILIT advisors and beneficiaries
  • Send annual gift notices to the Grantor
  • Send and track annual Crummey notices to beneficiaries
  • Payment of insurance premium monitoring and tracking
  • Track 5×5 and hanging powers
  • Policy monitoring for all the policies in the trust
  • Annually update the policy values
  • Track material policy changes
  • Ongoing monitoring of the insurance companies

AUCTORIS believes that life insurance that is held in a trust is still subject to the same investment management standards as any other asset held in trust. Let us help you administer and periodically audit the policies so that your fiduciary responsibilities are met.

Auctoris ILIT Crummey Service Software

Video on automating ILIT administration

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