What is LIFE INSURANCE TRUST?

Irrevocable trust built during a trustor’s lifetime of a trustor to keep its proceeds from being taxed upon his or her death and to hold this insurance policy as trust property. Also known as insurance trust.

More On This Topic



Link to This Definition
Did you find this definition of LIFE INSURANCE TRUST helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary