This case is a must read for any individual or corporate trustee of an ILIT. As discussed in the July 1 2011 of Financial Planning, Jay J. Freireich summarizes in his article "Earning Trust":

"The recent case in Indiana of Stuart Cochran Irrevocable Trust vs. KeyBank highlights the risk that trustees face when dealing with prudent management of trust-owned life insurance. In that case, a trustee was sued by the beneficiaries of an irrevocable life insurance trust for alleged violation of Indiana's Uniform Prudent Investor Act, as well as breach of trust."

You can download a full record of this case here. Click Here to read case law guidance.