Estate plans are created to ensure family members will be provided for after a loved one passes away. Unfortunately, despite the decedent’s best intentions, disputes involving a family inheritance often erupt in many cases and cause division.

Family disputes regarding estate planning can be caused by several issues. On the death of a relative, a dispute can arise if one family member is left out of the will while others inherit. Disputes can also arise amongst siblings if a parent passes away and not all children receive equal benefits.



You can’t guarantee everyone involved will agree on every aspect of estate administration, but there are some things you can do to avoid disputes over inheritance. Below are three points to consider when carefully curating and fine-tuning your estate plan with your family in mind.

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An irrevocable life insurance trust (ILLIT) is an estate planning tool that owns and controls a permanent life insurance policy or policies while the insured is alive.



The parties in an ILIT are the grantor, trustees, and beneficiaries. The grantor is the individual that sets up the trust and is responsible for funding the trust. Unlike the revocable trust, he or she cannot make any changes to the irrevocable trust once it’s been set up.

The trustee is responsible for the distribution of proceeds and management of the trust while the beneficiary is the person legally designed to receive those benefits once the grantor passes.

Using an irrevocable life insurance trust can have several advantages. Listed below are two benefits you should consider if you’re contemplating adding an ILLIT to your estate plan.

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