Q: What is an irrevocable life insurance trust?
A:
A trust that
1) is designed primarily to hold life insurance and
2) cannot be revoked.
I think what you may have wanted to ask is 'why would you want such a thing' and the answer usually is 'you wouldn't' but there are some REALLY specific and limited situations where it is exactly what you DO want. Speak with a local estate planning attorney who does more than just holds seminars to help you 'avoid probate' and they can both recommend what you need AND explain WHY you need it!
There is no 'one size fits all' estate plan!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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