Right Death Spouse For A Former

• Category: Trusts - Bypass
• State: Multi-State
• Control #: US-0642BG
• Format: Word; Rich Text

Description

The Irrevocable Life Insurance Trust is a legal document designed to manage and distribute trust assets primarily for the benefit of the Grantor's spouse and children. Key features include its irrevocability, meaning the terms cannot be altered or revoked, and the Grantor's ability to add property to the trust at any time. The Trustee holds total authority over insurance policies and is responsible for premium payments, although it can choose not to do so if assets are insufficient. Beneficiaries, including the spouse and children, may draw from both income and principal for health and maintenance, with a clear hierarchy prioritizing the spouse's needs. Additionally, this trust includes provisions for the distribution of assets after the Grantor's and spouse's deaths, ensuring a structured approach to protect and manage the trust estate. It also outlines the Trustee's discretionary powers and responsibilities, emphasizing protection against creditors through a spendthrift provision. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in estate planning and asset management, allowing them to effectively navigate the complexities of trust administration.