Who Can Be Trustee Of Irrevocable Life Insurance Trust? 
If it is the insured person 's estate who you are trying to protect , the insured person can not be trustee of an Irrevocable Life Insurance Trust -LRB- ILIT -RRB- . Any power to administer or change the trust is considered incidences of ownership , and thus defeats the purpose of the trust -LRB- which is to transfer ownership of the life insurance from the estate to the trust for tax purposes -RRB- . If it is a survivorship policy with your spouse , your spouse can not be trustee , either . In fact , if your spouse is beneficiary of the trust and is name trustee , your spouse needs to have a co-trustee for distribution of discretionary funds , It may be better to name a professional as trustee of the trust , although technically almost anyone can do it , with the exceptions noted above . 