A load transfer system includes a load transfer bushing having a first and second arcuate segments configured to engage a load surface of a tubular or of a collar connected to the tubular, and an elevator configured to receive the load transfer bushing. Moving the elevator from its closed position to its open position while the elevator engages the load transfer bushing moves the first and second arcuate segments apart, permitting the elevator and the load transfer bushing to be received around the tubular. Moving the elevator from the opened position to the closed position with the load transfer bushing and elevator surrounding the tubular forms an axial engagement load surface for the load surface of the tubular or the collar. The load transfer bushing is disengageable from the elevator.