What Is An Irrevocable Life Insurance Trust? 
An Irrevocable Life Insurance Trust -LRB- ILIT -RRB- is created to own life insurance as an entity that will not be included in the estate of the grantor . The ILIT is created and applies for life insurance as the owner of the policy . The grantor gifts the premium into the trust with assigned beneficiaries who will be the recipients of the life insurance death benefit proceeds . Consult an attorney to see if an ILIT is suitable for your situation . 