An Irrevocable Life Insurance Trust (ILIT) is a planning tool many families use to manage life insurance proceeds and reduce estate-related uncertainties. At the Law Offices of Robert P. Bergman we help clients in Watsonville and Santa Cruz County consider how an ILIT fits within a broader estate plan that may include a revocable living trust, pour-over will, powers of attorney, and healthcare directives. Establishing an ILIT requires careful drafting, transfer of ownership, and coordination with beneficiaries and trustees to secure the intended tax and distribution outcomes while honoring personal wishes and family dynamics.
Creating an Irrevocable Life Insurance Trust often involves decisions about trust terms, trustee selection, and how life insurance proceeds will be used for heirs, debts, or business continuation. Many clients choose an ILIT to provide liquidity at death, preserve wealth for future generations, or keep proceeds separate from the taxable estate. Our approach is to explain options in clear terms and design trust provisions that align with individual goals. We also review related documents such as beneficiary designations, certification of trust, and potential modifications that may be necessary over time.
An Irrevocable Life Insurance Trust can offer several benefits, including potential estate tax mitigation, protection from creditor claims in some circumstances, and controlled distribution of life insurance proceeds to beneficiaries. For families with significant assets or complex financial arrangements, an ILIT creates a separate legal entity to hold and manage a life insurance policy outside of the insured’s taxable estate. This separation can simplify administration and provide clear instructions on how proceeds are used, whether for education, care of minor beneficiaries, or business succession planning. Properly funded and drafted ILITs can also reduce disputes by specifying trustee powers and distribution triggers.
The Law Offices of Robert P. Bergman provides estate planning guidance to individuals and families across Santa Cruz County, including Watsonville and surrounding communities. We focus on clear communication, thorough document preparation, and practical solutions such as revocable living trusts, wills, powers of attorney, and irrevocable trust arrangements like ILITs. Our goal is to create tailored plans that reflect each client’s values and financial circumstances while coordinating with financial advisors, insurance agents, and family members to ensure smooth implementation and administration of the plan over time.
An Irrevocable Life Insurance Trust is a separately managed trust designed to own life insurance policies on the settlor’s life. Because the trust is irrevocable, the settlor typically cannot change or revoke the trust terms after funding. This permanence helps keep policy proceeds outside the settlor’s estate for estate tax purposes when properly structured. Key steps include drafting trust provisions, transferring an existing policy or purchasing a new policy within the trust, and ensuring compliance with applicable tax rules. Trustees manage the policy and distribute proceeds according to the trust’s instructions, which can include staged distributions or uses for specific needs.
Setting up an ILIT also requires attention to administrative matters such as gifting to the trust to cover premium payments, documenting transfers, and coordinating beneficiary designations on other accounts. Gift tax rules and the three-year rule for transfers of life insurance into an ILIT should be considered when moving an existing policy into trust ownership. Trustee selection, successor trustees, and detailed provisions about distributions and the use of proceeds for expenses or continuing care should be addressed at the outset to reduce ambiguity and potential family conflict after the insured’s death.
An Irrevocable Life Insurance Trust is a trust arrangement that holds life insurance policies and is designed to keep the policy proceeds from being included in the settlor’s taxable estate. The trust becomes the owner and beneficiary of the policy and is governed by the terms set out by the settlor and trustee. Because the trust is irrevocable, the settlor gives up ownership rights to the policy, which is an intentional tradeoff to achieve tax and asset protection objectives. The trust terms determine who receives the proceeds, when distributions are made, and how funds may be used for beneficiaries’ needs or obligations.
Creating an ILIT involves drafting clear trust provisions, funding the trust with either an existing policy or arranging for the trust to purchase a new policy, and appointing a trustee to manage policy administration. Other important steps include coordinating premium payments, documenting transfers, and confirming beneficiary designations on related accounts to avoid conflicts. The trust should address successor trustees, distribution triggers, and any limitations or qualifying conditions for beneficiaries. Professional coordination with financial advisors and insurers helps ensure transfers are executed correctly and tax considerations are handled properly to maintain the intended estate planning outcomes.
Understanding common terms used with Irrevocable Life Insurance Trusts helps clients make informed decisions. This glossary covers ownership, beneficiary designations, gift taxes, and administrative duties that impact trust performance and tax treatment. Definitions of trustee responsibilities, settlor roles, and how transfers affect estate inclusion can clarify both immediate steps and long-term implications. Knowing the meaning of certification of trust, pour-over wills, and related documents such as powers of attorney and healthcare directives makes it easier to integrate an ILIT with a broader estate plan and communicate wishes to family and advisors.
A trustee is the person or entity charged with managing the trust and carrying out its terms. The trustee holds legal title to the trust assets, including any life insurance policies owned by the ILIT, and acts in the best interest of the beneficiaries as defined in the trust document. Responsibilities can include paying premiums, maintaining records, filing tax returns if required, and making distributions according to the trust provisions. Choosing a trustworthy and reliable trustee, and naming successor trustees, is important to ensure consistent administration and faithful adherence to the settlor’s intentions.
An irrevocable transfer occurs when ownership of a life insurance policy or other asset is moved to an ILIT and the settlor relinquishes control over that asset. Because the transfer is irrevocable, the settlor generally cannot later change the terms or reclaim the asset. This finality is what allows the transferred policy to potentially be excluded from the settlor’s taxable estate, subject to timing rules such as the three-year lookback for life insurance transfers. Proper documentation and timing are essential to achieve the desired estate planning results.
The settlor is the individual who creates the trust and transfers property into it. In the context of an ILIT, the settlor typically funds the trust with a life insurance policy or makes gifts to the trust to cover premiums. Once the trust is irrevocable, the settlor gives up ownership and control over the assets transferred to the trust. The settlor’s instructions in the trust document guide how the trustee administers and distributes the proceeds to beneficiaries, and the settlor may also name the initial trustee and successor trustees to ensure continuity of management.
When a life insurance policy is transferred to an ILIT, gift tax and timing rules can apply. The three-year rule generally states that if the insured transfers ownership of a policy into a trust within three years of death, the policy proceeds may still be included in the insured’s estate for estate tax purposes. Additionally, gifts made to the trust to pay premiums may be considered taxable gifts if they exceed annual exclusion limits. Careful planning and timing help manage these tax considerations and align transfers with overall estate planning goals.
Clients often weigh a limited approach, such as simple beneficiary changes or standalone policies, against a comprehensive trust-based plan like an ILIT that includes formal trust documents and administration. A limited approach can be quicker and less costly up front but may leave proceeds exposed to estate inclusion, creditor claims, or family disputes. A comprehensive approach provides more control over distributions and can better address long-term goals, tax implications, and the needs of blended families. Evaluating both options in the context of assets, family structure, and legacy intentions helps determine the best path.
A limited approach can make sense when an individual’s assets are modest, beneficiaries are clearly designated, and the primary goal is immediate liquidity for funeral expenses or short-term support. If there is minimal concern about estate taxes, creditor claims, or complex family dynamics, keeping a policy in the insured’s name with direct beneficiary designations may be efficient. It typically avoids the added cost and ongoing administration of a trust. Nonetheless, even in simpler situations, reviewing beneficiary designations and coordinating them with an overall estate plan is recommended to prevent unforeseen problems later.
A limited strategy may be appropriate when relationships are uncomplicated and beneficiaries are able to manage funds responsibly without structured oversight. If the insured does not anticipate estate tax exposure and wants to keep arrangements uncomplicated, naming beneficiaries directly on the policy can be practical. This approach reduces administrative steps and legal formalities. However, it is important to document broader estate planning wishes elsewhere and consider whether a pour-over will or revocable trust should complement the policy to address other asset distribution matters.
A comprehensive approach using an ILIT is often advisable for individuals with significant assets, business interests, or complex family situations where estate tax exposure is a concern. By transferring policy ownership into an irrevocable trust and addressing related gifting and timing issues, families can work toward keeping life insurance proceeds out of the taxable estate. Comprehensive plans also allow for detailed distribution provisions, creditor protection considerations, and coordinated coordination with retirement plan trusts, special needs arrangements, or business succession documents to address multiple interrelated planning goals.
When beneficiaries include minors, individuals with special needs, or those who may require staged distributions, an ILIT provides a framework to control how proceeds are used over time. Trust provisions can set ages or milestones for distributions, allocate funds for education, healthcare, or ongoing care, and require trustee oversight to prevent misuse. This structure can preserve wealth for future generations while ensuring that proceeds are used for intended purposes, offering family peace of mind and minimizing potential disputes by clearly documenting the settlor’s directives.
A comprehensive approach that includes an ILIT can provide tax planning advantages, clearer management of life insurance proceeds, and protections against certain creditor claims depending on circumstances. It also enables targeted distributions that align with the settlor’s wishes, such as support for education, care for a surviving spouse, or funds reserved for a business succession. By integrating the ILIT with other estate planning documents like a revocable living trust, power of attorney, and healthcare directive, families gain coordinated planning that addresses both immediate and long-term needs.
In addition to tax and distribution planning, the comprehensive process emphasizes selecting appropriate trustees, naming successors, and documenting procedures for premium payments and record keeping. These administrative provisions reduce confusion and facilitate smoother trust administration. With thoughtful drafting, an ILIT can offer flexibility in how funds are used while preserving core directives, such as limiting distributions for certain purposes or providing oversight to protect beneficiaries who may not be ready to manage large sums directly.
One of the main benefits of an ILIT is the potential to remove life insurance proceeds from the settlor’s taxable estate, subject to specific timing and transfer rules. By placing ownership in the trust and following appropriate procedures for gifts to fund premiums, it may be possible to reduce estate tax exposure at the settlor’s death. This outcome depends on careful planning, including awareness of the three-year rule and other tax provisions. Professional coordination with tax advisors and insurers ensures the trust is funded and administered in a way consistent with the client’s objectives.
An ILIT allows the settlor to specify how proceeds will be used and when beneficiaries receive distributions, offering a level of control that direct beneficiary designations cannot provide. Trust terms can focus on beneficiary well-being, including provisions for minor children, educational expenses, and safeguards for beneficiaries with unique needs. With a trustee managing the trust, distributions can be tailored to meet both short-term needs and long-term objectives, thereby reducing the risk that proceeds will be dissipated quickly or subject to unintended claims or mismanagement.
Begin the process of transferring policy ownership well before any anticipated need to minimize timing risks such as the three-year rule. Early coordination with your insurance carrier and trustee ensures the policy transfer is properly documented and that premium payment arrangements are in place. If you plan to move an existing policy into an ILIT, confirm the insurer’s requirements and obtain written acknowledgment of the ownership change. Planning in advance also allows discussion of trustee selection, successor trustees, and how the trust provisions will address distribution and management of proceeds.
Draft trust provisions that clearly outline trustee responsibilities, including premium payment authority, investment powers, record keeping, and distribution standards. Defining these powers in advance reduces ambiguity and potential disputes among beneficiaries, and helps the trustee act efficiently when the insured passes away. Naming successor trustees and setting protocols for trustee resignation or removal also ensures continuity. Well-drafted trustee provisions help maintain the trust’s purpose and protect the interests of beneficiaries over time.
Consider an Irrevocable Life Insurance Trust if you seek a structured way to manage life insurance proceeds, reduce the likelihood of estate inclusion, and provide tailored distributions for beneficiaries. An ILIT can be particularly helpful when you want to separate policy proceeds from your estate for tax planning, protect assets for minor children or family members with special needs, or support a business succession plan. Discussing your financial situation and goals with an attorney helps determine whether an ILIT aligns with your overall estate plan and how it will interact with other documents like wills and trusts.
Even if your current estate seems modest, an ILIT can still offer planning advantages in certain situations, such as protecting proceeds from creditors or ensuring controlled distributions for beneficiaries who may not be capable of managing large sums responsibly. Additionally, integrating an ILIT with retirement plan trusts, pour-over wills, or special needs trusts helps create a coherent plan that addresses multiple concerns. Thoughtful planning now can minimize family conflict later by clarifying intentions and providing a dependable framework for distributing proceeds.
Typical circumstances that lead individuals to consider an ILIT include significant life insurance policies, potential estate tax exposure, blended families, beneficiaries needing structured distributions, and business continuity planning. Clients who want to keep life insurance proceeds out of their taxable estate or who want to provide for heirs over time rather than in a lump sum frequently use ILITs. The presence of minors, beneficiaries with special needs, or concerns about creditor claims can also make the ILIT an attractive option as part of a broader estate planning strategy.
When life insurance proceeds are significant relative to overall estate size, an ILIT is often considered to help address potential estate tax implications and to provide controlled distribution. Placing ownership of a large policy into a trust can mitigate the risk that the proceeds will increase the taxable estate, provided transfers are timed and documented appropriately. This type of planning is commonly used by individuals with substantial assets or business interests who want to preserve wealth for future generations and avoid unintended tax consequences on death.
An ILIT allows the settlor to set specific terms for how and when minors or other dependent beneficiaries receive funds. Rather than providing a lump sum directly to a young beneficiary, the trust can hold and distribute funds for education, healthcare, or other needs at designated times or upon reaching certain milestones. This structure helps ensure that proceeds are used as intended and that funds are preserved to benefit beneficiaries over the long term rather than being dissipated quickly.
An ILIT may play a role in business succession by providing liquidity to cover estate taxes, buy out interests, or support continuation plans after an owner’s death. Life insurance held in trust can supply the funds needed to buy out a deceased owner’s share or to stabilize a business during ownership transitions. Integrating the ILIT with other business succession documents and trusts ensures that life insurance proceeds are used in a manner consistent with both family and business objectives, reducing financial stress during a difficult period.
At the Law Offices of Robert P. Bergman we assist Watsonville residents with creating, funding, and administering Irrevocable Life Insurance Trusts and related estate planning documents. Our practice helps clients navigate trust drafting, policy transfers, premium funding strategies, and trustee selection. We coordinate with insurance carriers and financial advisors to ensure transfers are completed correctly and that the ILIT functions as intended within a wider estate plan. Clear communication and careful documentation aim to make the process understandable and manageable for clients and their families.
Clients choose the Law Offices of Robert P. Bergman because we focus on practical, client-centered planning that considers family needs, tax implications, and long-term administration. We help craft trust provisions that reflect personal goals and coordinate with insurance providers to facilitate policy transfers or trust-owned policy purchases. Our approach emphasizes clarity in drafting, naming trustees, and documenting premium funding to reduce administrative risk and help ensure the trust accomplishes its intended purpose for beneficiaries.
We work with clients to examine how an ILIT interacts with other estate planning elements such as revocable living trusts, pour-over wills, powers of attorney, and healthcare directives. This integrated view helps avoid unintended conflicts between documents and aligns beneficiary designations with the overall plan. By providing straightforward explanations of legal and tax considerations and preparing detailed trust language, we aim to give clients confidence that their wishes will be honored and that beneficiaries will have guidance for the future.
Our office supports clients through each phase of ILIT implementation, from initial consultations and drafting to coordination of policy transfers and ongoing administrative questions. We help prepare certification of trust documents, advise on premium funding strategies, and assist trustees with their duties when administration begins. Responsive client service and careful documentation are central to our practice, making it easier for families to navigate the steps required to preserve wealth and protect loved ones according to the settlor’s intentions.
Our process begins with a thorough review of the client’s financial situation, existing policies, family considerations, and estate planning goals. We then recommend whether an ILIT is appropriate and outline options for drafting trust terms, transferring ownership, and arranging premium funding. After document preparation and execution, we coordinate with the insurer to transfer policy ownership where necessary and provide trustees with guidance on record keeping and administration. Ongoing support is available to address changes in circumstances, potential trust modifications, and tax or administration questions.
The first step is a detailed consultation to review existing life insurance policies, beneficiary designations, and broader estate planning documents. We discuss client goals such as tax planning, family support structures, and business continuity needs, then outline whether an ILIT is appropriate and what funding and timing considerations apply. This phase includes identifying potential trustees, discussing premium payment methods, and explaining the legal and tax implications of transferring policy ownership to a trust.
We carefully review the language of current life insurance policies and how beneficiaries are designated to ensure transfers to a trust will be effective and avoid conflicts. This review includes examining whether an existing policy can be transferred into a trust and whether creating a new trust-owned policy is preferable. Verifying insurer procedures for ownership changes and confirming how beneficiary designations interact with the trust are essential steps to prevent unintended tax or probate outcomes.
During the initial meeting we discuss goals such as providing for minor beneficiaries, minimizing estate taxes, or supporting business succession. We also review funding approaches for policy premiums, whether through annual gifts or other arrangements, and explain the impact of gift tax rules. These conversations guide drafting choices and help select appropriate trustees and distribution provisions that reflect the settlor’s priorities and family circumstances.
Once objectives are clear, we draft the ILIT with precise language defining trustee powers, distribution terms, and administrative procedures. The trust will name initial and successor trustees, specify how proceeds are to be used, and address contingencies such as trustee resignation or disputes. Execution of the trust is coordinated with the client and witnesses as required, and we provide a certification of trust for interactions with financial institutions and insurance carriers to facilitate transfers and ongoing administration.
Drafting focuses on giving trustees clear authority to maintain the policy, pay premiums, and make distributions in line with the settlor’s aims. Provisions can specify permissible uses of proceeds, timing of distributions, and instructions for successor trustees. These details reduce ambiguity and provide a roadmap for trustees to follow after the insured’s death, helping ensure that funds are used as intended and reducing potential disputes among beneficiaries.
After the trust document is executed, we help coordinate with insurers to transfer policy ownership or to arrange for a new trust-owned policy. This step includes completing insurer-required forms, obtaining any necessary valuations or acknowledgments, and confirming beneficiary designations on related accounts are aligned with the trust. Proper coordination at signing helps avoid administrative delays and ensures the trust can operate as intended when it becomes necessary to do so.
Following execution and transfer, the trust must be funded for premium payments and maintained with accurate records. We advise on gifting strategies to the ILIT to cover premiums and provide trustees with guidance on administrative responsibilities, including any required filings or beneficiary communications. Ongoing reviews are recommended to ensure the trust remains consistent with changes in law or family circumstances, and we can assist with trust modifications, successor trustee transitions, or coordinating distributions when the trust becomes payable.
Trustees should maintain detailed records of premium payments, trust bank accounts, and communications with insurers. Funding can be achieved through annual gifts from the settlor or other agreed mechanisms, and proper documentation helps support the intended tax treatment. Accurate record keeping also streamlines administration at the time of the insured’s death and helps trustees comply with any legal obligations, including potential trust tax filings if applicable.
Changing circumstances may require adjustments such as trustee replacements, trust amendments when permissible, or coordination with changes in beneficiary needs. While the ILIT is irrevocable and cannot be casually modified, some administrative aspects and related planning documents may need updating. We offer ongoing guidance to trustees and beneficiaries to help ensure distributions align with the settlor’s intentions and that the trust remains coordinated with other estate planning components like wills, powers of attorney, and healthcare directives.
An Irrevocable Life Insurance Trust is a trust designed to own life insurance policies and receive the proceeds at the insured’s death. When the trust owns the policy, the death benefit is paid to the trust and distributed according to the terms you set. People commonly consider an ILIT to achieve goals such as keeping proceeds out of their taxable estate or ensuring structured distributions for beneficiaries. Because the trust is irrevocable, it requires careful planning about who serves as trustee and how the proceeds should be used in the event of the insured’s death. Deciding if an ILIT is right involves reviewing policy size, family needs, tax considerations, and whether you can relinquish ownership of the policy. For some, a trust provides necessary control and coordination with other estate planning documents. For others with simpler circumstances, direct beneficiary designations or a revocable trust may be sufficient. A detailed conversation about your situation helps identify the best strategy and intended outcomes for beneficiaries and heirs.
When ownership of a life insurance policy is transferred to an ILIT and the transfer is completed outside the three-year lookback period, the death proceeds may not be included in the settlor’s taxable estate. This potential outcome depends on timing and compliance with gift tax rules and other tax considerations. Gifts to the trust used for premium payments may have tax implications if they exceed the annual gift tax exclusion. Proper planning and documentation are necessary to help achieve the desired tax treatment while observing the applicable rules. It is important to understand that tax treatment is fact specific and may require coordination with a tax advisor. The ILIT must be properly funded and administered, and transfers must be clearly documented to support the intended estate tax result. Regular review and coordination with financial professionals help ensure continued alignment with tax planning goals as laws and family circumstances change over time.
Yes, an existing life insurance policy can often be transferred to an ILIT, but the process requires careful attention to insurer requirements and tax rules. The transfer must be properly documented and the insurer typically needs to record the change in ownership and beneficiary designation. If the policy is transferred less than three years before the insured’s death, the policy proceeds may still be treated as part of the insured’s estate for tax purposes, so timing is an important consideration. Before transferring a policy, review whether the insurer allows transfers, whether there are surrender charges or cash value implications, and how premium payments will be funded once the trust owns the policy. Sometimes it may be preferable to have the trust purchase a new policy owned by the trust rather than transferring an existing policy, depending on health factors, policy costs, and tax planning objectives.
A trustee should be someone who will follow the trust’s terms and manage the trust assets responsibly. Many clients choose a trusted family member, a friend with financial acumen, a bank trust department, or a professional fiduciary. It is important to name successor trustees to ensure continuity in the event the initial trustee cannot serve. The trustee’s role includes paying premiums, keeping records, communicating with beneficiaries, and distributing proceeds as the trust directs. Selecting a trustee involves balancing trustworthiness, availability, financial understanding, and willingness to take on administrative duties. If your family situation requires impartial management or if the trust provisions are complex, a professional or institutional trustee can offer continuity and administrative capacity. Be sure to clearly define trustee powers and compensation, if any, within the trust document to avoid later disputes.
Premiums for a policy owned by an ILIT are typically paid through gifts from the settlor to the trust, which the trustee then uses to pay the insurer. These gifts can be structured to use the annual gift tax exclusion, and in some cases a letter of instruction may accompany gifts to explain that the funds are intended for premium payments. Proper documentation of gifts and timely premium payments is important to prevent lapses in coverage and maintain the trust’s purpose. Another option is to fund the trust with sufficient assets to cover future premiums, but that requires careful planning about liquidity and investment strategy. Coordination with financial advisors helps ensure the trust has a sustainable method for paying premiums and that gifting strategies are appropriate given the settlor’s overall financial picture and tax considerations.
The three-year rule generally provides that if an insured transfers ownership of a life insurance policy to another person or to a trust within three years of death, the death proceeds may still be included in the insured’s estate for estate tax purposes. This rule is designed to prevent last-minute transfers intended solely to avoid estate taxation. To take advantage of potential estate tax exclusion, transfers to an ILIT should ideally occur more than three years before the insured’s death. Because the three-year rule is time sensitive, early planning is beneficial. If a transfer occurs within the three-year period, other planning options may be considered to address tax exposure. Discussing timing and alternatives with legal and tax advisors helps identify the most effective strategy given your health, policy status, and broader estate planning goals.
An ILIT can be tailored to provide for beneficiaries with special needs by carefully drafting distribution provisions and coordinating with a special needs trust or other protective arrangements. Life insurance proceeds held in an ILIT can be distributed in ways that supplement, rather than replace, public benefits. For example, the trust can direct funds for medical care, therapies, or supplemental support while preserving eligibility for means-tested programs, depending on the beneficiary’s circumstances. Coordination with a special needs planning professional or attorney experienced in disability planning is recommended to avoid unintentionally affecting benefits. Thoughtful drafting and integration with a dedicated special needs trust can ensure that the insured’s wishes are followed and that beneficiaries receive necessary support without compromising public benefits that are important to their well-being.
Whether an ILIT protects proceeds from creditors depends on the nature of the creditor claim and applicable law. In some cases, trust-held life insurance proceeds may be shielded from certain creditor claims against beneficiaries, but protections can vary based on the trust’s terms, state law, and the timing and structure of transfers. Because the trust is irrevocable and the settlor no longer owns the policy, the proceeds may be less accessible to certain creditors of the settlor, but results are fact specific and require legal review. Beneficiaries’ own creditor exposure is another consideration; distributions to beneficiaries may be subject to their creditor claims unless the trust provides specific protections, such as discretionary distributions or spendthrift provisions. Drafting protective language into the trust can help limit potential creditor access and preserve proceeds for intended uses, although such provisions must be consistent with applicable state law.
After the insured dies, the trustee of the ILIT is responsible for claiming the policy proceeds, managing any required administrative steps, and distributing funds according to the trust’s provisions. The trustee must follow the trust’s instructions, maintain clear records of distributions, and address any tax filings or reporting obligations. If the trust directs staged distributions or specific uses like education or support, the trustee implements those instructions while communicating with beneficiaries. If disputes arise, the trustee may need to navigate beneficiary concerns or potential challenges to trust administration. Naming clear procedures for dispute resolution and successor trustees helps ensure continuity. The trust’s detailed terms guide the trustee’s decisions, and timely communication with beneficiaries promotes transparency and smoother administration during a difficult time for the family.
Integrating an ILIT with an existing estate plan involves reviewing wills, revocable living trusts, beneficiary designations, powers of attorney, and healthcare directives to ensure consistency. The ILIT should be aligned with other documents to avoid conflicts, such as accidental beneficiary designations that bypass the trust or inconsistent distribution instructions. Coordination ensures that life insurance proceeds are handled in a manner consistent with the settlor’s broader intentions for asset distribution and family support. A comprehensive review of all estate planning documents helps identify gaps and overlaps, allowing for updates or amendments where possible. For example, a pour-over will can work with a revocable trust to move assets into the trust at death, while an ILIT remains distinct for life insurance proceeds. Regular reviews help maintain coherence as family circumstances or laws change.
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