Declaration of Life Insurance Trust (word)
What is the Declaration of Life Insurance Trust?
This legal form is a declaration of a person’s life insurance trust and its transfer to the trustee upon the person’s death. The form is considered an irrevocable trust. It is four pages long and consists of
What is the Declaration of Life Insurance Trust?
A life insurance trust is a trust that is arranged for the purpose of owning a life insurance policy. Typically, if the insured person is the owner of the life insurance policy, the policy will be subject to estate tax when he dies. However, if he transfers ownership of his life insurance policy to a life insurance trust, the proceeds of the policy will be exempt from estate taxes. This legal form is a declaration of a person’s life insurance trust and its transfer to the trustee. The life insurance trust is always considered an irrevocable trust, which means that once the terms of the trust are established, they can never be changed or annulled.
This particular 4-page form is easy to fill out and contains the standard provisions for managing a life insurance trust.
Key features of the Declaration of Life Insurance Trust:
- Allows you to declare your life insurance trust, which will potentially save your family hundreds of thousands of dollars in estate taxes
- All you have to do is fill in the blanks and file the form!
Price: $5.99
