In our previous post, we discussed some of the benefits of the irrevocable life insurance trust. That is only one option that you have when it comes to creating your estate plan. While the components of your estate plan will vary depending on your personal situation and the goals of your estate plan, one constant point that you have to consider is who is going to be the personal representative of your estate.
By now, most of our readers know that planning for your final days and what will happen in the days and months following your death is of vital importance. If you have a life insurance policy, you probably already know that you shouldn't include that policy in you will because a beneficiary is listed on the policy. But, did you know that you can set up an irrevocable life insurance trust for the policy?