As the trust is irrevocable, the grantor need to quit possession in the plan. After the insured (grantor) dies, the trustee collects the proceeds and distributes them towards the beneficiaries as instructed. A living trust enables your family members to stay away from the potential problem of probate court docket. https://how-does-a-legal-trust-wo18406.blogolenta.com/34414341/the-2-minute-rule-for-how-to-set-up-a-legal-trust