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

This legal template pertains to an Irrevocable Life Insurance Trust (ILIT) specifically designed for married individuals in the state of Illinois, under the jurisdiction of United States law. An ILIT is a legal arrangement that allows an individual to set aside and manage life insurance proceeds for the benefit of their spouse and children.

This particular template focuses on creating a trust for a married individual, emphasizing the importance of securing financial stability and ensuring the future welfare of their spouse and children through life insurance coverage. By designating the ILIT as irrevocable, it means that once the trust is established, it cannot be altered or revoked unless exceptional circumstances occur, providing a greater level of certainty and protection for the beneficiaries.

The template likely incorporates specific provisions and guidelines mandated by Illinois state law, taking into account the relevant regulations and requirements unique to this jurisdiction. It may address issues such as trust administration, tax implications, distribution of policy proceeds, trustee appointment, and other necessary legal provisions to comply with the applicable laws and ensure the trust operates smoothly.