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

This legal template pertains to the establishment of an Irrevocable Life Insurance Trust (ILIT) specifically designed for a married individual with a focus on providing financial security for their spouse and children. The template is applicable under United States law, more specifically in the state of New York.

An ILIT is a trust created to hold a life insurance policy for the benefit of the trust beneficiaries. In this case, the trust is tailored to meet the needs of a married individual, ensuring the financial protection and well-being of both their spouse and children in the event of their passing.

The template likely includes provisions that outline the establishment and administration processes of the trust, as well as the unique aspects applicable to New York law. It may encompass detailed instructions on selecting the life insurance policy, funding the trust, and designating the beneficiaries.

Furthermore, the document may contain provisions related to any potential changes or amendments that the donor (the individual establishing the trust) would like to make in the future, ensuring a degree of flexibility over time.

Overall, this legal template aims to provide guidance and ensure the legal validity and structure of an Irrevocable Life Insurance Trust tailored for a married individual in New York, adhering to USA law and ensuring the financial security of their significant others and children.