An irrevocable life insurance trust (ILIT) agreement for a married individual residing in Florida. This ILIT agreement is specifically designed to hold one or more life insurance policies on the settlor's life and is for the benefit of the settlor's spouse, children and more remote issue. Because the ILIT owns the life insurance policy, the policy proceeds are generally excluded from the insured settlor's estate for estate tax purposes. This Standard Document has integrated notes with important explanations and drafting tips.