Irrevocable Life Insurance Trust for Married Individual: Trust for Spouse and Children (Georgia)

This legal template is specifically designed to establish an Irrevocable Life Insurance Trust (ILIT) for married individuals residing in the state of Georgia, under the jurisdiction of USA law. An ILIT is a legally recognized arrangement that enables the policyholder to place their life insurance policies into a trust for the benefit of their spouse and children. By doing so, the policy proceeds become exempt from estate taxes upon the policyholder's death, ensuring the financial security of their loved ones and providing a tax-efficient mechanism to manage the insurance proceeds. This template outlines the necessary legal framework, guidelines, and provisions for the creation and administration of the trust, ensuring compliance with relevant Georgia state laws and US federal regulations governing trust arrangements and life insurance policies. By utilizing this template, married individuals in Georgia can establish a secure and legally protected means to distribute their life insurance benefits to their spouse and children, while potentially minimizing tax implications and maximizing the financial well-being of their family.