Life Insurance Policies Held by Trustee.

Checkout our iOS App for a better way to browser and research.

Section 19-3B-818

Life insurance policies held by trustee.

A trustee may retain any life insurance policy contributed to a trust by a settlor, or purchased by the trustee upon the request of the settlor, as an asset of the trust without regard to any lack of diversification caused thereby and without regard to the terms and conditions of the life insurance policy. The trustee shall not be liable for lack of diversification to any beneficiary of a trust for the trustee's retention of the life insurance policy.

(Act 2006-216, p. 314, §1.)


Download our app to see the most-to-date content.