How an irrevocable life insurance trust (ILIT) works.

[@jmag3925]

Can you set this up to have the spouse be the beneficiary and the trustee? If so, what happens if the spouse passes before you do? I believe the successor trustee/s will take over, but what if there is not one listed?

[@CMSLawFirmLLC]

Yes. You'd just want to set a successor trustee (in case something happens to you together as well). If there is not one and you are alive you can appoint one (usually). If you are gone a court would typically appoint one.

[@afssurf]

Can you help me accomplish my trust goals? ❤😊