Form For Life Insurance Trust PDF Details

No one knows when their time will come, but creating a form for life insurance trust can help ensure your family is taken care of financially if you should pass away. This helpful document can provide both peace of mind and security for your loved ones. Learn more about how to set up a life insurance trust in this informative post.

You will see info about the type of form you want to submit in the table. It can show you how much time it should take to finish form for life insurance trust, what fields you need to fill in, and so on.

QuestionAnswer
Form NameForm For Life Insurance Trust
Form Length1 pages
Fillable?Yes
Fillable fields38
Avg. time to fill out7 min 51 sec
Other namescomplies, 2000, ILIT, referenced

Form Preview Example

LIFE INSURANCE TRUST DEED

15F-18F Net Lima Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig 1634

Agent Code

POLICY NUMBER

PART I - LIFE INSURANCE TRUST DEED

THIS DEED made and executed this _______________ day of __________, 20_____ in ___________________________by and between

____________________________________hereinafter called the POLICY OWNER / TRUSTOR and ______________________________________ hereinafter called the

TRUSTEE

WITNESSETH

That the POLICY OWNER / TRUSTOR has designated the TRUSTEE as such, and the latter has accepted such designation under the terms of this DEED for the BENEFICIARIES in the following life insurance policy:

THE PHILIPPINE AMERICAN LIFE AND GENERAL INSURANCE COMPANY (PHILAM LIFE) Policy Number )________________________ with face amount of

_____________________ (P_________________), __________________________ (Plan) issued as of _________________ with ________________________________ as

INSURED and _____________________________________ as BENEFICIARIES.

The duty and responsibility of paying the premiums and other charges on the said policy shall rest solely upon the POLICY OWNER / TRUSTOR.

This DEED shall be operative only with respect to the net proceeds of such policy as may be due and payable upon the death of the INSURED during the minority of the BENEFICIARIES; and during his lifetime, all rights of every nature accruing solely to the POLICY OWNER / TRUSTOR are hereby reserved by the POLICYOWNER and may be exercised by him without the knowledge or consent of the TRUSTEE or the BENEFICIARIES, unless Irrevocable, under this DEED.

The POLICY OWNER / TRUSTOR also reserves the right to modify, amend , add to, or revoke this DEED.

As soon as practicable after the death of the INSURED, the TRUSTEE shall make the claim and establish proper proof of death and shall collect all money due under the said policy and give the insurer receipts and proceeds of the said policy.

The TRUSTEE shall receive, hold, manage, invest, reinvest and otherwise deal with the moneys realized from such policy as he shall deem to be for the best interest of the BENEFICIARIES during their minority to the same extent that the POLICYOWNER/TRUSTOR if living might do. The TRUSTEE shall deliver the trust estate, together with any and all earnings to the BENEFICIARIES upon reaching the age of majority, or upon demand of a duly appointed Judicial Guardian of the property of said BENEFICIARIES. Provided, that during the minority of the BENEFICIARIES, the net proceeds of the policy and their incomes and earnings shall be spent and utilized only for the support and education of the BENEFICIARIES in accordance with their accustomed lifestyle.

The TRUSTEE reserves the right to resign this trusteeship during INSURED’s lifetime by giving the POLICYOWNER/TRUSTOR thirty days notice in writing, but after the death of the INSURED only for the cause satisfactory to the BENEFICIARIES or the heirs of the INSURED.

The TRUSTEE has received from the POLICYOWNER/TRUSTOR the sum of One Peso (P1.00) or other valuable considerations as compensation for the services he might be called to discharge in connection with this charge.

The POLICYOWNER/TRUSTOR consents that said TRUSTEE serve as such *(without) (upon) furnishing a bond for the faithful performance of his/her duties. If a bond is required, the amount of which is to be fixed by the Court

Note:

If you want the insurance proceeds protected by the filing of a bond by the Trustee, please delete the word *without.

The POLICYOWNER/TRUSTEE does hereby bind and obligate himself, his and assigns, to indemnify and save perpetually the PHILIPPINE AMERICAN LIFE AND GENERAL INSURANCE COMPANY harmless from any and all claims that may arise by reason of such payments.

IN WITNESS WHEREOF, the POLICYOWNER/TRUSTOR has executed this DEED and the TRUSTEE has accepted at the place on the date first hereinafter mentioned.

 

 

 

 

 

 

ACCEPTED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

POLICY OWNER / TRUSTOR

 

 

 

TRUSTEE

 

 

 

 

 

 

 

SIGNED IN THE PRESENCE OF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Print Name and Sign

 

 

 

Print Name and Sign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART II - ACKNOWLEDGEMENT

 

 

 

 

 

 

 

 

Republic of the Philippines

 

 

 

 

 

 

 

 

 

 

S.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before me, the undersigned Notary Public in and for

 

personally appeared

 

 

with Competent Evidence of Identity:

 

 

 

 

 

 

 

 

known to me and to me known to be the same person who executed the foregoing Agreement, and acknowledged to me that they executed the same as their own free and voluntAry act

 

and deed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF , I have hereunto set my hand and affixed my seal at

 

 

, Philippines, this

 

 

day of

 

 

 

, 20

 

 

 

 

 

 

 

 

 

 

 

 

Doc. No. ______________________

 

 

 

 

 

 

 

 

 

 

 

 

 

Page No. ______________________

 

 

 

 

 

 

 

NOTARY PUBLIC

 

 

 

 

Book No. ______________________

 

 

 

 

 

My commission expires December 31, 20__________

 

 

Series of 20____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

POS FORM 1234567890

PHILAM LIFE CUSTOMER CONFIDENTIAL

 

 

 

 

 

 

 

 

How to Edit Form For Life Insurance Trust Online for Free

We've used the efforts of the best computer programmers to create the PDF editor you may want to apply. The software will assist you to fill in the irrevocable life insurance trust sample document easily and don’t waste your time. All you need to do is follow these straightforward tips.

Step 1: Choose the "Get Form Here" button.

Step 2: Once you've accessed your irrevocable life insurance trust sample edit page, you'll discover all actions you may use with regards to your document within the top menu.

Please enter the next information to complete the irrevocable life insurance trust sample PDF:

FORM1 fields to fill out

The application will need you to submit the ACCEPTED, POLICYOWNERTRUSTOR, TRUSTEE, SIGNEDINTHEPRESENCEOF, PrintNameandSign, PrintNameandSign, personallyappeared, Philippinesthis, dayof, DocNoPageNoBookNoSeriesof, MycommissionexpiresDecember, NOTARYPUBLIC, POSFORM, and PHILAMLIFECUSTOMERCONFIDENTIAL part.

step 2 to entering details in FORM1

Step 3: Hit "Done". Now you can upload your PDF file.

Step 4: Get a duplicate of each single form. It will certainly save you time and help you prevent concerns as time goes on. Keep in mind, your data is not used or analyzed by us.

Watch Form For Life Insurance Trust Video Instruction

If you believe this page is infringing on your copyright, please familiarize yourself with and follow our DMCA notice and takedown process - click here to proceed .