If I want a bank to be the trustee or trustor of my life insurance policy what legal trust forms do I need?And what should I look out for wwhen doing so?
Asked on 1/25/10, 9:18 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Few banks are interested in being a trustee for life insurance. If you find one, they will have the forms. They will charge a fee. The preferred way is to create your own trust, and have your trust own the life insurance so that the trustee you appoint who takes authority on your death will have control of the proceeds from the policy, You may call for a free consultation.
Answered on 1/31/10, 9:38 pm
