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Legal Challenges and Solutions for Trustees of Trust-Owned Life Insurance

Active and careful management is required

Many trustees mistakenly believe that life insurance is a static financial instrument. However, trust-owned life insurance (TOLI) requires active and careful management. Recent case law provides a roadmap for how trustees can adequately manage TOLI pursuant to the Uniform Prudent Investor Act (UPIA). Trustees should be aware of their exposure to liability, as there’s been an increasing trend towards lawsuits filed against trustees for policy mismanagement. 

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