This type of work is often handled by a non-professional who has no formal training or tools, or a trust company that uses antiquated systems and lots of man power causing them to charge thousands of dollars.
Trustees and others are learning that instead of performing the Crummey administrative tasks themselves, they should supervise this administration.
By doing so, their responsibilities are realigned to leverage their judgment ability—the primary reason they were chosen to be the trustee in the first place—and minimize the administrative burden. As people live longer, trusts live longer, and trusteeships become longer tenured affairs. Outsourcing the ILIT’s administrative burdens can empower trustees to be more effective with fewer headaches much later in life. The trustee is empowered to satisfy the commitment made to the grantor by being able to serve longer.
TrustButler manages time-sensitive tasks
Communicating with grantors and bill payers to ensure your trust is funded
Reminding bill payers to remit premiums when due and record payment information
Generating and sending Crummey notices to beneficiaries and recording acknowledgements
Reminding Trustees to periodically review policies and storing inforce illustrations used in the review
Escalating overdue tasks
Generating annual gift reports and maintaining secure long-term record-keeping