Inter Vivos Form
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What is the concept of an inter vivos trust?
An inter vivos (which literally means 'between the living') trust is created between living persons. This type of protective trust may be established to safeguard assets for a vulnerable person. One person - the settlor - creates a trust to benefit a nominated beneficiary.
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What are the disadvantages of an inter vivos trust?
Disadvantages of Using an Intervivos Trust Expense: Cost of drafting and funding a trust is generally greater than the cost of preparing a will and the cost of transferring assets to the trust is money spent prior to death, rather than post-death.
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What is an example of an inter vivos transfer?
This type of transfer can be contrasted with a testamentary transfer, which is a transfer made in a will after death. For example, if a parent gifts their child a car while they are still alive, this would be considered an inter vivos transfer.
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What is the meaning of inter vivos transfer?
Inter vivos (Law Latin, between the living) is a legal term referring to a transfer or gift made during one's lifetime, as opposed to a testamentary transfer that takes effect on the death of the giver.
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Is an inter vivos trust an express trust?
Express trusts include testamentary trusts. and inter vivos (or living) trustsA trust that takes effect during the life of the settlor.. The testamentary trust is one created by will.
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What is the meaning of inter vivos in a deed?
Inter vivos is a Latin phrase which means “while alive” or “between the living.” This phrase is primarily used in property law and refers to various legal actions taken by a given person while still alive, such as giving gifts, creating trusts, or conveying property.
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What is the difference between a trust and an inter vivos trust?
A living trust (sometimes called an inter vivos trust) is one created by the grantor during his or her lifetime, while a testamentary trust is a trust created by the grantor's will.
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What does inter vivos mean in a trust?
“Inter Vivos” is Latin for the meaning “between the living,” and is a legal term that describes a transfer made while you're alive. This explains how the synonym Living Trust came about. Once you set up your Inter Vivos Trust, you would then transfer the assets of your estate into the ownership of the Trust.
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