inter vivos trust


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Related to inter vivos trust: testamentary trust, cy pres doctrine, Irrevocable trust

Inter vivos trust

A trust created between living persons. Antithesis of a testamentary trust.

Inter-Vivos Trust

A trust into which the grantor deposits certain assets for the management by another party while the grantor is still living. That is, the inter-vivos trust is created and maintained before the grantor dies. Generally speaking, an inter-vivos trust exists to help avoid estate taxes after death and other taxes while still living. One may also set up an inter-vivos trust to facilitate long-term property management. It is also called a living trust.

inter vivos trust

inter vivos trust

A trust established during the granting party's lifetime, rather than by virtue of the party's will.

References in periodicals archive ?
(114) As noted above, an important advantage to inter vivos trusts is that they can be funded during life and used to administer, invest, and distribute assets during and even after a settlor loses capacity.
Sieh, decedent husband created an inter vivos trust prior to his marriage, retaining the power to revoke the trust.
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.
All property included in the decedent's probate estate or made payable to the inter vivos trust will be divided in accordance with the formula clause in the trust agreement.
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.
2003) ("With the increase in the use of revocable inter vivos trusts as will substitutes, no-contest clauses ...
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.
Total discretionary inter vivos trusts (1) provide a variety of benefits.
This inter vivos trust is revocable; Russ can always revoke the trust and repossess the property or change the terms of the trust.
American law is finally beginning to clarify and refine rules concerning capacity to create, amend, and revoke inter vivos trusts, recognizing that the degree of capacity to create a revocable trust should be no higher than that to execute a will.(13) The creation of an irrevocable inter vivos trust should depend on whether the trust is purely donative, in which case a gift standard is appropriate,(14) or whether it is part of a negotiated or adversary transaction, for which the higher contract standard would be appropriate.(15)
Further, the draft Act allows for the revocation of a revocable inter vivos trust by will.(158)
8843004, the decedent bequeathed his entire estate to an existing inter vivos trust. The trust provided that 50% of the net income was to be paid to the surviving spouse, with the remaining income payable to the surviving spouse at the trustees' discretion.

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