Who Can Contribute To An Irrevocable Life Insurance Trust? 
Generally speaking , an irrevocable life insurance trust -LRB- ILIT -RRB- is set up my those who wish to fund it , i.e. the grantors . Thegrantorsset up the trust , pay premiums into the trust and the trust purchases life insurance for the trustbeneficiaries The grantors are required to have an arms lengthagreementwith the trust and can not benefit from it directly . Before moving forward setting up an ILIT , consult your estate and probate attorney toestablishyour suitability as grantor . 