Partition Contract: Life Insurance Policy for ILIT With Trust for Spouse and Children (Texas)

This legal template, titled "Partition Contract: Life Insurance Policy for ILIT With Trust for Spouse and Children (Texas)," specifically pertains to the division of a life insurance policy for an Irrevocable Life Insurance Trust (ILIT) in the state of Texas. The ILIT is established to provide financial security and protection for both the spouse and children involved. The partition contract outlines the terms, conditions, and provisions that need to be agreed upon by the relevant parties involved in the partitioning of this life insurance policy, ensuring that the division is done in accordance with Texas state laws and regulations. The template may include sections specifying the distribution percentages for the spouse and children, the appointment of trustees or guardians, the management and administration of the ILIT, the handling of death benefits, and various provisions to protect the interests of all parties.