How To Set Up A Trust For Life Insurance? 
To set up an Irrevocable Life Insurance Trust -LRB- ILIT -RRB- , it is best to use an attorney who is an expert at tax laws to set up the trust . Then use a respected life insurance agent to help you obtain a policy , or transfer existing life insurance , into the trust . You will need to choose a trustee to administer the trust -LRB- this could be the lawyer -RRB- . Working together , you will get a trust that works for your lifetime . 