Irrevocable Life Insurance Trust for Single Individual: Trust for Children (Texas)

This legal template is a document that outlines the establishment and provisions of an Irrevocable Life Insurance Trust (ILIT) specifically designed for a single individual residing in Texas, operating under the legal jurisdiction of the United States. The primary purpose of this trust is to provide financial protection and support for the individual's children in the event of the person's death.

The ILIT is created as a legal entity separate from the individual, ensuring that the life insurance policy proceeds are managed and distributed according to the outlined terms and conditions. By being "irrevocable," this trust cannot be altered or revoked by the individual after its creation without the consent of the beneficiaries or court order.

The template likely covers essential elements such as the identification of the single individual, their relationship to the beneficiaries (the children), and details about the chosen life insurance policy. The document will provide guidelines on how the life insurance proceeds will be managed, invested, and ultimately distributed to provide for the financial needs of the children, including education, healthcare, and general support.

Additionally, the template may include provisions for selecting a trustee responsible for overseeing the trust's administration, including collecting policy proceeds, investing funds, documenting expenses, and ensuring distributions align with the objectives stated within the trust. Moreover, it may detail the criteria and conditions for making distributions, such as reaching a certain age, educational milestones, or other specific events.

This legal template specifically adheres to Texan and USA laws, ensuring compliance with applicable regulations and tax implications. As estate planning is an intricate process, it is recommended that individuals seeking to establish such trusts consult with legal professionals to tailor the document to meet their specific circumstances and comply with all legal requirements.