Transmutation Agreement: Life Insurance Policy for ILIT With Trust for Spouse and Children (CA) | Practical Law

Transmutation Agreement: Life Insurance Policy for ILIT With Trust for Spouse and Children (CA) | Practical Law

A Standard Document transmuting a community property life insurance policy into the separate property of the insured spouse under California law (a transmutation agreement may be called a partition agreement in other states). This Standard Document also transmutes an amount of community property cash equal in value to the value of the policy on the date of the transmutation into the separate property of the other spouse. This Standard Document assumes the spouses are using an irrevocable life insurance trust (ILIT) created by the insured spouse for the benefit of the other spouse and that the ILIT will own the transmuted life insurance policy.

Transmutation Agreement: Life Insurance Policy for ILIT With Trust for Spouse and Children (CA)

by Practical Law Trusts & Estates
MaintainedCalifornia
A Standard Document transmuting a community property life insurance policy into the separate property of the insured spouse under California law (a transmutation agreement may be called a partition agreement in other states). This Standard Document also transmutes an amount of community property cash equal in value to the value of the policy on the date of the transmutation into the separate property of the other spouse. This Standard Document assumes the spouses are using an irrevocable life insurance trust (ILIT) created by the insured spouse for the benefit of the other spouse and that the ILIT will own the transmuted life insurance policy.