There is a tremendous amount of responsibility tied to fiduciaries when it comes to irrevocable life insurance trusts. From ongoing trust management to ongoing policy management, a fiduciary is responsible for handling premium gifts, managing Crummey letters, filing tax returns, tracking policy performance, monitoring client circumstances, reviewing product alternatives, evaluating carrier strength and more. This puts the fiduciary at risk for liability exposure if all these responsibilities aren't consistently met. An automated solution for ongoing policy management like Proformex can help reduce that fiduciary risk. To see how, download our latest case study.
- Avoid conflicts of interest
- Act in the person's best interests
- Never act in their own self-interests
- Provide proper oversight
- Make decisions that protect and/or enhance outcomes
To learn more about how Proformex helps avoid fiduciary risk, visit our website.