A life insurance trust is an irrevocable, non-amendable trust that its main purpose is to allow you to state your terms and mode of payment to the beneficiaries of your insurance policy. This is especially important for beneficiaries who are minors or persons that are unable to manage in proper their financial dealings.Benefits of an Insurance Trust:
- Protection from creditor claims.
- Avoidance of estate taxation.
- Pay out will be managed by professional Trustee.
- Withdrawals or payouts are made according to your instructions in the trust deed.
- Money will be properly utilized to finance education needs, living expenses and medical expenses.