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Irrevocable Life Insurance Trusts

An irrevocable life insurance trust (or an ILIT) is established to provide life insurance proceeds to named beneficiaries upon the death of the individual creating the ILIT (the grantor). An ILIT is irrevocable by its terms.

The Guaranty Bank Trust Department, as trustee, provides the following services for an irrevocable life insurance trust: 

  • Collection and maintenance of life insurance policy
  • Delivery of premium request notices to the grantor
  • Delivery of withdrawal notices to beneficiaries
  • Payment of insurance policy premiums
  • Delivery of annual reports to the grantor
  • Quarterly review of the life insurance company's ratings
  • Preparation of fiduciary (trust) income tax return