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Who should I pick as the trustee of my irrevocable life insurance trust?

When you're deciding whom to name as the trustee of your irrevocable life insurance trust, you should automatically scratch both your name and the name of your spouse from the list. According to "Wealth Enhancement and Preservation" (The Institute Inc., Denver, Colo.), "It is very clear under tax law that you should not be the trustee of an irrevocable life insurance trust that you set up. The trustee probably should not be your spouse either. Many planners suggest that a good trustee for an irrevocable life insurance trust might be the local bank trust department. Bank trust departments deal with irrevocable trusts on a regular basis, as do accountants. Because of the technical nature involved in the administration of an irrevocable life insurance trust, it may not be a good idea to use individuals as your trustees unless they are extremely well versed and competent to handle the technicalities involved."