Trusts established in a will are called testamentary trusts; trusts established separately during life are called inter vivos trusts
. Regardless of how they are established, they are administered in a similar manner.
Ben and his sister, plaintiff Joan Mummery (Joan), are co-successor trustees and beneficiaries of Benjamin and Mary's inter vivos trusts
It is unconstitutional for Minnesota to tax income received by certain irrevocable inter vivos trusts
, the Minnesota Supreme Court decided earlier this month, saving four trusts over $1 million in taxes and interest.<br />The court said in Fielding v.
Benefits that stem specifically from the management aspects of inter vivos trusts
provide additional reasons for the popularity of these planning devices.
Bensing, Inter Vivos Trusts
and the Election Rights of a Surviving Spouse, 42 KY.
The traditional rule, endorsed both by the Uniform Law Commissioners and the Restatement, draws no distinction between the formalization of simple gifts and complex trusts: Whether or not a settlor doubles as trustee, and hence whether or not coupled with delivery, inter vivos trusts
are valid even when their terms are communicated orally.
The Delaware courts answered the question of a trust with a choice-of-law provision in another of the Peierls decisions, In re Peierls Family Inter Vivos Trusts
, 77 A.3d 249 (Del.
The new law, says Lisle lawyer Neil Goltermann of Momkus McCluskey LLC, who assisted in drafting the legislation, means married couples will no longer have to forego the protections of holding property as tenants by the entirety to set up and fund inter vivos trusts
recommended for their estate plans.
Technically, they are revocable inter vivos trusts
. If a trust is "revocable," the person who establishes the trust can change all or any part of it, so long as that person is competent.
Total discretionary inter vivos trusts
(1) provide a variety of benefits.
On the other hand, trusts created during lifetime (inter vivos trusts
) are generally not subject to probate.
Joy, in which the courts initially allowed inter vivos trusts
to serve as will-substitutes and create post-mortem transfers of property without a will.