An Irrevocable Life Insurance Trust (ILIT) can be a powerful estate planning tool for individuals seeking to manage life insurance proceeds and potential estate tax exposure while preserving family wealth. This page explains how an ILIT works, the typical steps to create and fund one, and the practical benefits it may provide to clients in Boronda and greater Monterey County. Our goal is to provide clear, practical information so you can decide whether an ILIT aligns with your overall plan for passing assets to loved ones, supporting dependents, or controlling how proceeds are distributed over time.
Many families consider an ILIT when they want life insurance proceeds to pass outside of the taxable estate, to provide liquidity for settling taxes or debts, or to ensure that proceeds are managed for beneficiaries who may be minors or have special needs. Establishing an ILIT involves drafting trust terms, naming trustees, transferring ownership of a policy, and setting up trust administration procedures. These steps require thoughtful coordination with insurance carriers and other estate planning documents to ensure the trust functions as intended and that funding and transfer formalities are completed correctly.
An ILIT provides several potential advantages for clients who wish to control life insurance proceeds after their death. It helps keep policy proceeds out of the taxable estate, which may reduce estate tax exposure for larger estates. The trust allows the grantor to specify timing and conditions for distributions, protecting proceeds from creditors and providing structured support for beneficiaries. Additionally, an ILIT can supply liquidity to pay estate settlement costs and preserve other assets for heirs. Careful drafting and proper transfer of policy ownership are essential to achieving these outcomes and avoiding unintended tax or legal consequences.
The Law Offices of Robert P. Bergman focuses on practical estate planning solutions for individuals and families in California. We take a client-centered approach, listening to your goals and designing plans that coordinate trusts, wills, powers of attorney, and health care directives. For clients contemplating an ILIT, we provide guidance on trust provisions, trustee selection, policy funding, and interactions with other estate planning instruments. Our firm emphasizes clear communication and careful documentation to help ensure that an ILIT functions as intended and integrates smoothly with the rest of your estate plan.
An ILIT is a trust that becomes the owner and beneficiary of a life insurance policy. Once established and funded, the trust holds the policy outside of the grantor’s estate for federal estate tax purposes, subject to applicable law. Key components include the trust document, trustee duties, beneficiary designations, and transfer of policy ownership. Because an ILIT is irrevocable, the grantor generally cannot later change terms without following trust modification procedures or obtaining court approval. It is important to coordinate the ILIT with existing estate planning documents so that beneficiary designations and pour-over wills work together.
Creating an ILIT involves steps such as drafting the trust agreement, selecting a trustee, transferring an existing policy or purchasing a new policy in the name of the trust, and setting up gift funding if premium payments are necessary. Trustees are responsible for collecting insurance proceeds, managing trust assets, and making distributions according to the trust’s terms. Because premium payments made by the grantor may be treated as gifts, it’s common to coordinate annual gift tax exclusion strategies or other funding methods. Proper timing of transfers and documentation are essential to avoid unintended inclusion of the policy in the estate.
An Irrevocable Life Insurance Trust is a legal arrangement in which a trust owns a life insurance policy and controls distribution of the policy proceeds. The trust document sets out who the beneficiaries are, when they are entitled to receive distributions, and how the proceeds should be managed. Because the grantor gives up ownership rights, the policy is typically excluded from the grantor’s taxable estate if transfers are completed outside the look-back period for certain tax rules. Trustees manage the policy and handle claims, and the trust terms can include provisions that address creditor protection, structured payouts, or preservation of benefits for vulnerable beneficiaries.
Setting up an ILIT requires drafting trust provisions that reflect your objectives, choosing a trustee who will administer the trust according to those provisions, and arranging for ownership of a life insurance policy by the trust. If the grantor transfers an already-existing policy, timing matters because of potential inclusion rules. Alternatively, the trust can be named owner and applicant of a new policy. Funding the trust may include annual gifts for premium payments, and the trustee must manage any investments and distributions. Clear documentation, consistent beneficiary designations, and coordination with other estate documents are important to ensure the ILIT performs its intended function.
Understanding the terminology used in connection with ILITs helps you make informed decisions about creating and managing one. This glossary explains common terms such as grantor, trustee, beneficiary, funding, and estate inclusion rules. Clear definitions reduce the risk of misunderstandings during the drafting and administration process, and they assist you in evaluating drafting choices and trustee powers. When in doubt, ask for plain-language explanations of how specific provisions will operate in practice, especially regarding distributions, creditor protections, and coordination with powers of attorney and health care directives.
The grantor, also known as the trust creator or settlor, is the person who establishes the ILIT and transfers ownership of an insurance policy into the trust. By making the transfer, the grantor gives up legal ownership and certain controls over the policy, which can remove the policy from the taxable estate under the appropriate circumstances. The trust document will reflect the grantor’s intentions for how insurance proceeds should be used or distributed. Choosing clear trust terms at the outset reduces the chance of disputes and helps ensure that the grantor’s wishes are carried out after their death.
The trustee is the individual or entity charged with administering the ILIT according to the trust terms. Responsibilities include maintaining records, making timely premium payments if the trust is funded for that purpose, filing claims for insurance proceeds, investing trust assets prudently, and distributing funds to beneficiaries as directed. Trustees owe fiduciary duties as defined by the trust and governing law, which typically require acting in beneficiaries’ best interests, avoiding conflicts of interest, and keeping beneficiaries reasonably informed about trust administration.
Beneficiaries are the individuals or entities entitled to receive distributions from the ILIT when the insured person dies or when other triggering events occur. The trust agreement specifies who the beneficiaries are, when distributions are made, and any conditions attached to distributions. Because the trust, rather than the insured, owns the policy, beneficiary designations should align with the trust document to avoid conflicting instructions. The trustee must follow the trust terms, and beneficiaries may have rights to accounting or information depending on state law and trust provisions.
Funding an ILIT typically involves transferring an existing policy to the trust or having the trust purchase a new policy. If a policy is transferred shortly before death, certain tax rules may cause the proceeds to be included in the grantor’s estate for estate tax purposes. To avoid this, transfers should respect applicable look-back periods and be coordinated with an overall plan. Funding may also involve annual gifts to the trust to cover premiums, and such gifts can be structured to take advantage of gift tax exclusions and reporting rules.
An ILIT is one of several tools available for managing life insurance within an estate plan. Alternatives include keeping a policy in the individual’s name with beneficiary designations, using revocable living trusts, or structuring asset transfers through wills and other trust arrangements. Each option has different tax, control, and creditor protection consequences. An ILIT is distinct in that it removes ownership of the policy from the grantor’s estate once properly funded, while revocable trusts remain part of the estate until death. Choosing the right approach depends on estate size, family circumstances, and the need for control over distribution timing.
For individuals whose estates are below federal and state estate tax thresholds, maintaining ownership of a life insurance policy with straightforward beneficiary designations may be sufficient. In such cases, the administrative and legal costs of creating an ILIT may outweigh potential tax advantages. Simpler approaches can still provide liquidity to pay final expenses and ensure designated beneficiaries receive proceeds quickly. It is important to review beneficiary designations and coordinate them with wills or revocable trusts to prevent conflicts and to confirm that proceeds reach intended recipients without unnecessary delay.
Some clients require interim arrangements, such as temporary coverage during a period of changing financial circumstances, where a full ILIT is not yet necessary. A temporary, simpler arrangement can meet short-term goals while allowing time to evaluate long-term needs. For example, purchasing a policy in one’s own name and updating beneficiary designations may address immediate concerns, and an ILIT can be implemented later when circumstances or estate size make it more advantageous. Timely review and targeted documentation ensure transitions are completed without surprises.
A carefully coordinated plan ensures that the ILIT, wills, revocable trusts, powers of attorney, and beneficiary designations operate in harmony. Overlooking coordination can lead to unintended estate inclusion, conflicting instructions, or tax consequences. A comprehensive approach addresses the timing of transfers, premium funding strategies, selection of trustees, and the trust’s distribution provisions to match your goals. This level of planning helps reduce ambiguity at the time of administration and supports smoother settlement of the estate after the grantor’s death.
When a family’s financial picture includes diverse assets, potential creditor exposures, or beneficiaries with special needs, a comprehensive plan can preserve wealth and align distribution timing with long-term objectives. Thoughtful drafting can provide for staggered distributions, education funds, or lifetime support while minimizing the risk that proceeds are dissipated. A comprehensive approach also contemplates successor trustee powers, administrative procedures, and the interface between the ILIT and any other trusts designed to benefit the same family members.
A comprehensive ILIT plan reduces the risk of unintended tax consequences, ensures that life insurance proceeds are used as intended, and creates a roadmap for trustees and beneficiaries. It clarifies funding sources for premiums, addresses creditor protection concerns where appropriate, and can be tailored to preserve eligibility for public benefits for beneficiaries with special needs. By aligning trust terms with overall estate objectives, families can maintain greater control over how proceeds are distributed and minimize the potential for disputes among heirs at the time of settlement.
Comprehensive planning also helps to anticipate practical administration details, such as who will file claims, how distributions will be made, and how records will be kept. It may include instructions for successor trustees and provisions for handling changes in family circumstances. Clear administration rules reduce friction and speed the claims process, enabling beneficiaries to receive timely support. Ultimately, the careful design of an ILIT contributes to peace of mind by ensuring that life insurance benefits are preserved for the intended purposes and managed according to predetermined priorities.
An ILIT can provide liquidity to cover estate settlement costs without requiring the sale of other assets, and when properly funded and timed, may remove the life insurance proceeds from the grantor’s taxable estate. This function is particularly important when illiquid assets such as real estate or business interests make up a significant portion of an estate’s value. A thoughtful plan addresses timing of transfers, funding strategies, and contingencies to help ensure that proceeds are available to meet obligations while preserving other assets for heirs.
An ILIT allows the grantor to define how and when beneficiaries receive proceeds, which can protect funds from being squandered, seized by creditors, or impacted by divorce. Trust terms can provide structured payouts, age-based distributions, or discretionary support for education and living expenses. For beneficiaries with special needs, tailored provisions can preserve eligibility for government benefits. Careful drafting of distribution provisions gives the trustee clear authority to manage proceeds in a way that aligns with the grantor’s intentions and the beneficiaries’ long-term welfare.
Timing matters when transferring an existing policy into an ILIT because certain tax rules may include the policy proceeds in the grantor’s estate if the transfer occurs too close to death. Document each step, retain proof of transfer, and coordinate with your overall estate plan. If purchasing a new policy in the trust’s name, confirm application and ownership records reflect the trust as owner and applicant. Clear documentation reduces the risk of unintended consequences and helps trustees and beneficiaries understand the trust’s intent at the time of administration.
Selecting the right trustee is vital because the trustee will manage the policy, handle claims, make distributions, and keep records. A trustee who is organized and familiar with trust administration will help ensure premiums are paid, deadlines are met, and beneficiaries receive timely information. Consider whether an individual trustee, corporate trustee, or co-trustees best suit your family’s needs, and be sure the trust document grants the trustee the authority needed to carry out the grantor’s intentions while including safeguards to reduce conflicts and ensure continuity over time.
Individuals often consider an ILIT when they wish to keep life insurance proceeds out of their taxable estate, provide liquidity for estate settlement, or control the timing and use of life insurance benefits after death. An ILIT can help families provide for minors, support surviving spouses while preserving certain assets for future generations, and protect proceeds from claims by creditors. Evaluating an ILIT as part of a broader estate plan allows you to weigh tax implications, administration responsibilities, and family goals to determine whether this trust aligns with your long-term intentions.
Consideration of an ILIT is also appropriate when beneficiaries may require protection from creditors, have difficulty managing large sums, or when preserving eligibility for government benefits is important. The trust’s distribution terms can be tailored to address these concerns, and the structure can provide for professional management of proceeds. Properly drafted, an ILIT can balance immediate financial needs with long-term protection, giving you control over how life insurance proceeds support your loved ones in the years ahead.
Typical circumstances that lead families to consider an ILIT include a large life insurance policy intended to provide liquidity for taxes or debts, desire to protect proceeds from creditors or divorce, beneficiaries who are minors or have special needs, or complex estates that require careful coordination of assets. Business owners and individuals with illiquid assets may also use an ILIT to ensure heirs are not forced to sell assets to pay expenses. In each case, an ILIT can be tailored to meet specific objectives and integrated with the rest of the estate plan.
When an estate includes significant illiquid assets such as real estate or business interests, an ILIT can supply cash to pay estate taxes, administration costs, and other obligations without requiring sale of those assets. By holding a life insurance policy in trust and naming the trust as beneficiary, the proceeds become available to the estate representative or beneficiaries according to the trust’s instructions, facilitating orderly settlement and helping preserve the value of the estate for heirs.
An ILIT can limit beneficiaries’ direct control over proceeds, reducing the risk that funds will be subject to creditor claims or lost in divorce proceedings. Trust provisions can restrict distributions, permit discretionary payments, or impose conditions that strengthen creditor protection depending on state law and trust structure. Thoughtful drafting helps guard family assets while still providing for beneficiaries’ needs, striking a balance between access to resources and long-term preservation.
Families with beneficiaries who require ongoing support, have disabilities, or may qualify for public benefits often use an ILIT to deliver structured financial support while protecting eligibility for assistance programs. The trust can include language tailored to provide discretionary support, limit direct distributions, or coordinate with special needs planning. This approach enables beneficiaries to receive care and financial assistance without jeopardizing access to critical public resources, and it allows the trustee to manage funds responsibly for long-term well-being.
The Law Offices of Robert P. Bergman serves clients in Boronda and throughout Monterey County with estate planning services that include Irrevocable Life Insurance Trusts. We assist with drafting trust documents, coordinating transfers or policy purchases, and advising on premium funding strategies. Our practice provides clear guidance on trustee selection, trust provisions, and interaction with wills and powers of attorney. We work to ensure your ILIT is tailored to local legal considerations and aligned with your family’s goals for asset protection and legacy planning.
Choosing legal guidance for ILIT planning means working with a firm that prioritizes clear communication and careful documentation. We focus on understanding your family’s priorities, structuring trust provisions that reflect those priorities, and coordinating with other estate planning documents like powers of attorney, advance health care directives, and pour-over wills. Our approach emphasizes practical steps to fund the trust correctly, select a capable trustee, and minimize the risk of unintended tax inclusion or administrative complications at the time of settlement.
We provide a deliberate planning process that explains relevant tax and transfer considerations in plain language, assists with communications to trustees and beneficiaries, and helps gather the necessary documents to complete transfers or policy changes. Our firm also offers guidance on gift funding strategies and recordkeeping practices that support the ILIT’s long-term operation. This guidance helps clients feel confident that the trust has been set up to function as intended and that trustees have clear instructions for administration.
Beyond drafting, we assist with implementation details such as coordinating with insurance carriers, preparing documentation of transfers, and advising on successor trustee arrangements to ensure continuity. Our goal is to provide a comprehensive service that moves from planning to execution, reducing administrative burdens on clients and helping protect family wealth for future generations. We adapt our recommendations to the particular needs of each family and the legal context in California.
Our process begins with a consultation to understand your financial picture, family goals, and existing estate planning documents. We review current policies, identify potential funding strategies, and discuss trustee selection and distribution goals. Once objectives are clear, we prepare a draft ILIT tailored to your needs and coordinate policy transfers or new policy applications. After execution we provide guidance on recordkeeping and steps for trustees to follow upon a claim, helping ensure the trust functions smoothly when needed.
The initial assessment gathers information about your assets, life insurance policies, family circumstances, and estate planning objectives. We review existing documents such as wills, revocable trusts, powers of attorney, and health care directives to ensure consistency with ILIT planning. This phase identifies whether transferring an existing policy or purchasing a new policy in the trust is preferable, and it outlines potential funding strategies. The assessment provides the foundation for a trust document that reflects your intentions and anticipates administrative needs.
Collecting accurate information about current life insurance policies, beneficiary designations, and ownership records is essential to determine the appropriate steps for transferring ownership or arranging new coverage. We assess application materials, policy terms, and premium schedules to advise on timing and funding. Accurate documentation reduces the risk of administrative delays and helps ensure that the trust will assume ownership without gaps, misunderstandings, or unintended tax consequences during the transfer process.
We work with you to define distribution objectives, the level of control you wish to retain, and the particular qualities you seek in a trustee. Trustee selection can include family members, trusted advisors, or professional fiduciaries depending on your needs and comfort level. Clear instructions for successor trustees and administrative authority are included in the trust document to provide continuity. Selecting the right trustee and defining their powers helps ensure the trust accomplishes your goals when it becomes operative.
After objectives and funding strategies are confirmed, we prepare the ILIT document tailored to your instructions and coordinate execution. The drafting stage addresses beneficiary designations, distribution schedules, trustee powers and duties, and administrative provisions. We review the document with you and make adjustments as needed. Execution typically involves signing the trust, completing any necessary policy assignment forms, and ensuring that ownership records with the insurance carrier correctly reflect the trust as owner and beneficiary when appropriate.
The trust document spells out critical terms such as who may receive distributions, conditions on distributions, trustee authority for investments and payments, and provisions for successor trustees. It can also include language addressing creditor protection, special needs considerations, and procedures for handling disputes. Thorough review and clear drafting reduce ambiguity for trustees and beneficiaries and provide a durable framework for administration that aligns with your long-term estate planning objectives.
Once the trust is signed, any assignment of an existing policy or purchase of a new policy in the trust’s name must be completed with the insurance carrier according to their procedures. This includes submitting assignment forms, updating application and ownership records, and confirming beneficiary designations. Proper execution ensures the policy is legally owned by the trust and that the trust will receive the proceeds when a claim is made, reducing the likelihood of administrative issues at the time of death.
After the trust is established and the policy is owned by the trust, administration includes maintaining records, ensuring premium payments are funded, and keeping beneficiaries informed as appropriate. Trustees should maintain clear documentation of any gifts to the trust, premium disbursements, and communications with beneficiaries. The trust should also be reviewed periodically to ensure it reflects changes in family circumstances, tax law, or other relevant factors, and trustees should have a plan for handling claims and distributing proceeds in accordance with the trust.
Trustees must keep accurate records of premium payments, receipts of gifts, investment activity, and distributions. This information is important for tax reporting, beneficiary communication, and defensible administration in case of disputes. Regular reviews of the trust’s administrative procedures and clear guidelines for successor trustees provide continuity. Trustees who maintain thorough records and adhere to the trust’s procedural requirements help ensure that proceeds are managed responsibly and in line with the grantor’s intentions.
When an insured person dies, the trustee’s immediate tasks include filing a claim with the insurer, collecting proceeds, and administering distributions according to the trust terms. Trustees should be prepared to confirm beneficiary identities, manage funds to meet the trust’s objectives, and coordinate with estate representatives as necessary. Clear instructions in the trust regarding distribution timing and permitted uses help trustees make consistent decisions and reduce the potential for conflict among beneficiaries at a challenging time.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and controls the manner in which proceeds are distributed after the insured’s death. Unlike a policy owned personally, an ILIT, when properly funded and timed, can remove the policy proceeds from the grantor’s taxable estate and allow for controlled distributions according to the trust terms. The trust is irrevocable, meaning the grantor generally relinquishes ownership and control of the policy, which changes administration and tax treatment compared to individual ownership. Because the trust holds ownership and beneficiary status, beneficiaries receive proceeds under the trust’s instructions rather than by direct beneficiary designation alone. This structure enables more precise control over distribution timing and uses, such as staged payments or discretionary distributions for ongoing needs. The trustee manages claims and disbursements subject to the trust’s provisions, and the trust can be coordinated with other estate documents to advance overall planning goals.
Transferring a life insurance policy to a trust does not automatically invalidate the policy, but proper procedures must be followed to ensure the trust is listed as owner and beneficiary and that the insurance carrier accepts the assignment. If the transfer is completed according to the carrier’s requirements and the trust document is properly executed, coverage typically continues. Coordination with the insurer and careful documentation are important to avoid administrative problems or gaps in coverage during the transfer process. If the carrier requires underwriting or approval for ownership changes, those steps should be completed before assuming the transfer is final. In some cases, purchasing a new policy in the trust’s name is an alternative that simplifies ownership issues. Confirming the carrier’s procedures and ensuring accurate records reduce the risk of disputes when a claim is made and support smooth administration of the trust.
Premium payments made to an ILIT by the grantor are generally treated as gifts to the trust beneficiaries, which can have gift tax implications if they exceed available exclusions. A common approach is to make annual gifts to the trust that qualify for the annual gift tax exclusion, allowing the trust to use those funds to pay premiums. Proper documentation and, if appropriate, gift tax filings help preserve the intended tax advantages and provide a clear record of funding activity. Some clients choose to leverage direct payment techniques or other funding structures to reduce gift tax exposure while ensuring premiums are paid timely. Maintaining accurate records of premium funding, gifts, and trustee disbursements is important for tax reporting and for demonstrating that transfers were completed in a manner that supports the ILIT’s intended estate tax treatment.
Naming a spouse or family member as trustee is a common choice and often provides continuity and familiarity for beneficiaries. When selecting a family member as trustee, consider whether they can perform administrative tasks, maintain records, and carry out fiduciary duties without conflicts. The trust can include provisions to assist the trustee in decision-making, such as allowing professional assistance or co-trustees to share responsibilities and reduce administrative burden. Alternatively, some clients appoint a combination of personal and professional trustees to balance family knowledge with administrative capability. The trust should outline successor trustee arrangements and provide guidance on trustee powers to reduce ambiguity. Prior discussion with potential trustees helps ensure they understand responsibilities and are willing to serve under the trust’s terms.
Transferring a policy to an ILIT shortly before death can trigger estate inclusion rules, which may cause the policy proceeds to remain part of the grantor’s taxable estate. Many tax regimes include a look-back period that counts transfers within a certain number of years toward the estate for tax purposes. To achieve the estate exclusion objective, transfers generally should respect those timing rules and be planned well in advance of death when possible. If the timing of a transfer raises concerns, alternative strategies or planning adjustments may be advisable. Reviewing the timing of transfers, examining available exceptions, and considering different funding approaches can help mitigate negative consequences. Timely advice and careful coordination reduce the risk that an intended ILIT fails to produce the desired tax results.
Life insurance proceeds in an ILIT are distributed according to the trust terms, which may specify outright distributions, age-based installments, discretionary payments for specific needs, or a combination of methods. The trustee collects the proceeds after filing a claim with the insurer and then administers distributions in line with the grantor’s instructions. Clear distribution rules in the trust document help the trustee determine timing and amounts and reduce the potential for disagreement among beneficiaries. The trust can also include provisions for emergency distributions, education support, or retention of funds for long-term care needs, allowing a flexible approach to meeting beneficiaries’ needs. Trustees should maintain records of distributions and the rationale for discretionary decisions to provide transparency and accountability during trust administration.
An ILIT can provide a measure of protection from creditors or marital claims by removing ownership and direct control from beneficiaries, because proceeds remain under the trustee’s authority and are distributed according to trust terms. The degree of protection can depend on state law and the specific structure of the trust. Restrictive distribution provisions and discretionary distributions can strengthen creditor protection by limiting beneficiaries’ unfettered access to funds. It is important to understand that absolute protection is not guaranteed in every circumstance, and certain legal challenges may affect trust assets. Thoughtful drafting and a trustee with sound administrative practices improve the likelihood that the trust will provide meaningful protection while ensuring beneficiaries receive necessary support under the grantor’s intended plan.
An ILIT can be designed to help preserve eligibility for public benefits for vulnerable beneficiaries by limiting direct distributions and providing discretionary support. Because the trust, rather than the beneficiary, holds the proceeds, properly drafted provisions can provide for needs without creating countable income or resources that would disqualify a beneficiary from programs such as Medicaid or Supplemental Security Income. Coordination with special needs planning principles is important to maintain benefit eligibility while providing additional support. To achieve these goals, the trust should include language that aligns with public benefits rules and may work in concert with a separate special needs trust when appropriate. Careful planning ensures that resources are available to improve quality of life without jeopardizing critical safety-net benefits, and trustees must administer distributions in accordance with both trust terms and applicable benefit rules.
Choosing a trustee involves balancing trustworthiness, administrative ability, and impartiality. Ideal candidates can manage financial tasks, keep accurate records, and communicate effectively with beneficiaries. Some clients name a trusted family member who understands family dynamics, while others choose a professional or institutional trustee for continuity and administrative support. Combining personal and professional trustees can offer both personal insight and administrative reliability. Consider naming successor trustees and including instructions for when and how a trustee may delegate duties or retain professional advisors. Clear guidance in the trust about trustee powers, compensation, and procedures for decision-making helps avoid disputes and ensures continuity if a trustee is unable or unwilling to serve in the future.
Other estate planning documents, such as a will, revocable living trust, power of attorney, and advance health care directive, remain important even when an ILIT is part of the plan. A pour-over will can ensure assets not previously transferred to trusts are handled consistently with your intentions, and powers of attorney help manage affairs while you are alive. Coordinating beneficiary designations across documents prevents conflicts and ensures assets are distributed according to your overall plan. Reviewing and updating all estate planning documents together reduces the chance of unintended outcomes and ensures the ILIT functions as intended within the broader plan. Clear alignment between documents helps guide trustees, personal representatives, and family members during administration, and periodic review ensures the plan reflects changes in family circumstances or legal developments.
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