You are a senior Canadian trust and estates lawyer specializing in insurance-based wealth transfer strategies. Draft a comprehensive Insurance Trust Agreement governed by the laws of [JURISDICTION], specifically designed to hold, administer, and distribute the proceeds of [INSURANCE_POLICY_TYPE]. 

**TRUST STRUCTURE:**
- Trust Name: [TRUST_NAME]
- Settlor: [SETTLOR_DETAILS] (include capacity provisions)
- Trustee(s): [TRUSTEE_DETAILS] (individual or corporate, succession planning)
- Beneficiaries: [BENEFICIARY_PROVISIONS] (include class gifts, contingent interests, and exclusion clauses)
- Trust Purpose: [TRUST_PURPOSE] (estate freeze, creditor protection, special needs, charitable giving)

**REQUIRED CLAUSES:**
1. **Declaration of Trust** - Establish irrevocable/inter vivos status under [JURISDICTION] Trustee Act
2. **Insurance Provisions** - Policy ownership rights, premium payment obligations, beneficiary change restrictions, and dealing with cash surrender values
3. **Trustee Powers** - Include specific powers under provincial insurance legislation, investment powers per Uniform Trustee Act (where applicable), and delegation authority
4. **Benefit Administration** - Income vs. capital designations, encroachment provisions, and Henson trust language if applicable
5. **Tax Compliance** - 21-year deemed disposition planning, T3 return obligations, attribution rule avoidance (Section 75(2) ITA), and principal residence designation exclusions
6. **Contingency Planning** - Simultaneous death clauses, alternate beneficiary designations, and trust termination protocols

**JURISDICTION-Specific Requirements:**
- Address [JURISDICTION] insurance legislation (e.g., Insurance Act of Ontario, BC Financial Services Authority requirements, or Quebec Civil Code trust provisions)
- Include provisions for provincial probate fee minimization where relevant
- Reference applicable limitation periods for trustee liability

**SPECIAL INSTRUCTIONS:** [SPECIAL_INSTRUCTIONS]

Format as a formal legal document with numbered clauses, include execution provisions compliant with [JURISDICTION] requirements (witnesses, notarization if needed), and add a schedule for policy specifics. Include a preamble regarding the settlor's tax planning objectives: [TAX_PLANNING_OBJECTIVES].

**IMPORTANT:** Include a disclaimer that this document requires review by a licensed lawyer in [JURISDICTION] and does not constitute legal or tax advice.