Los Angeles Irrevocable Life Insurance Trusts

Written by Johnny Kitchens
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Los Angeles irrevocable life insurance trusts may not be altered once they are completed, signed, and take effect. When you hear about revocable and irrevocable trusts, that is the main difference. Los Angeles life insurance trusts may be altered or amended only if they are revocable trusts. They are almost exclusively payable only upon the death of the trustor--the person creating it.

In many, if not most, cases, it may be preferable to have a life insurance trust in conjunction with other estate planning devices. Living wills, for example, define your wishes for care and estate management should you become incapacitated and unable to care for yourself. Catastrophic illness can take an incredible toll on an estate.

Los Angeles irrevocable life insurance trusts, unless so specifically stated, do not cover the period of time between the beginning of your illness and your death. However, when your time does come, your family will then benefit from the assets held in your life insurance trust. In a way, it can act as a guarantee for your family against a total loss of assets due to illness.

How to Set up Los Angeles Irrevocable Life Insurance Trusts

Los Angeles irrevocable life insurance trusts can often be obtained from Los Angeles estate planning lawyers. The life insurance is usually prepared by an insurance professional whether it is attached to a trust or not. The estate planning lawyer then puts the disparate pieces of your estate plan together and completes the process.

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