As the trust is irrevocable, the grantor should give up ownership from the policy. After the insured (grantor) dies, the trustee collects the proceeds and distributes them for the beneficiaries as instructed. What to Remember: Bypass trusts present Management but may possibly have excess costs, which includes taxes and administration. https://how-does-a-legal-trust-wo18406.blogolenta.com/34414341/the-2-minute-rule-for-how-to-set-up-a-legal-trust