Legal Question in Wills and Trusts in New Jersey

The beneficiary, and more importantly, the Owner, of the life insurance policy, should be the Irrevocable Insurance Trust.

The terms of the trust [i.e. the actual beneficiaries] are spelled out in the trust agreement as you determine.

I agree with Jon as to the Trust being both Owner and Beneficiary of the policy, and the trust document spelling out the terms. I understand who are the ultimate beneficiaries, but you do not say who is/are the trustees and how the policy proceeds are to be allocated. I usually provide that if a trustee is also a beneficiary, that there be 2 trustees - sort of like checks and balances that the trust terms are carried out as specified. Terms of the trust cannot be changed or are any policy changes made, unless both trustees agree. A simple reading of the agreement would indicate a trustee is also a beneficiary, so this need not be spelled out. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.