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Use this template to prepare a Collateral Trust Agreement under which a party who has a one-half interest in a partnership appoints a trustee to hold a life insurance policy or policies on the life of the other partner in trust on the partner's behalf. Provisions of the agreement include: Upon the death of the insured partner, the partner agrees to purchase the insured partner's interest, using the proceeds from the insurance policy / policies. The trustee will hold the insurance policy / policies in trust, but the partner will receive all dividends. The partner will pay the trustee a yearly fee for acting as trustee. This is a generic legal agreement in MS Word format, and is not specific to any country or region.