Life insurance provides a safety net for loved ones in the event of your passing. However, simply purchasing a policy does not ensure that your assets are distributed according to your wishes. This is where a life insurance trust comes into play, offering a solution for managing and protecting your wealth and assets in the event of your death.
What is a life insurance trust?
A life insurance trust is a legal entity created to take ownership of a life insurance policy. The trust is managed by a trustee, who is responsible for distributing the proceeds according to your wishes and ensuring the funds go to the beneficiaries you have selected.
What are the benefits of a life insurance trust?