Irrevocable Life Insurance Trust for Individual: Trust for Children (New York)

This legal template is designed to establish an Irrevocable Life Insurance Trust (ILIT) specifically for an individual in New York, under the laws of the United States. The purpose of this trust is to provide financial security and to efficiently manage life insurance proceeds for the benefit of the individual's children.

An ILIT is a type of trust that is funded by a life insurance policy, where the policyholder designates the trust as the beneficiary of the policy. By establishing this trust, the individual ensures that the life insurance proceeds will be distributed according to their wishes and in a manner that benefits their children.

Under this template, the trust is characterized as irrevocable, meaning that once it is established, it cannot be revoked or modified without the consent of all involved parties. This adds an extra layer of security to protect the intended beneficiaries and ensure the trust operates in accordance with the individual's wishes.

The template adheres to the legal requirements specific to New York and complies with the broader laws of the United States. It includes provisions to address tax considerations, creditor protection, and other relevant legal aspects related to an ILIT.

Overall, this legal template provides a comprehensive framework for establishing an Irrevocable Life Insurance Trust for an individual residing in New York under the jurisdiction of USA law. It aims to ensure the seamless management of life insurance proceeds for the benefit of the individual's children while complying with legal regulations and protecting the interests of all parties involved.