Since the trust is irrevocable, the grantor have to hand over ownership in the plan. Once the insured (grantor) dies, the trustee collects the proceeds and distributes them into the beneficiaries as instructed. The trust avoids probate, making certain the funds are transferred specifically and promptly. While you’re alive, you https://beckettiutzm.dgbloggers.com/37916047/5-essential-elements-for-k1-from-a-trust