Who Is The Grantor Of An Irrevocable Life Insurance Trust? 
The Grantor of an Irrevocable Life Insurance Trust -LRB- ILIT -RRB- is the person who creates the trust . He/she is usually the Insured person on the policy that is put under the ownership of the trust , and is usually also the Owner of the policy , thus transferring ownership to the irrevocable life insurance trust . 