The Trustor receives the gift reminder letter in March but the premium is not due until May. Why is this?
Most trusts have a gift notice waiver period of 30 days or longer. This waiver period gives time for the beneficiary to be notified of the gift to trust and take action should they wish to exercise their withdrawal rights. Administratively this means the gift must be made more than 30 days in advance of the premium due date to allow for the notices to be sent, and the beneficiary’s withdrawal right to lapse.
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