inter vivos trust

Also found in: Dictionary, Thesaurus, Legal, Wikipedia.
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.
During the grantor's lifetime, income produced by any of the assets transferred to a revocable inter vivos trust will be taxed to the grantor since no irrevocable gift had been made and the grantor remained the owner of trust assets and income for both estate and income tax purposes.
Any remainderman who wishes to avoid subjecting the remainder to probate expenses can transfer the remainder, like other property, into a revocable inter vivos trust.
2003) ("With the increase in the use of revocable inter vivos trusts as will substitutes, no-contest clauses .
Do total discretionary inter vivos trusts that include Crummey powers qualify for automatic allocation of GST exemption?
However, a distinction exists for inter vivos trusts.
32) It continues by stating: "nevertheless, a revocable inter vivos trust is ordinarily subject to substantive restrictions on testation(33) and to rules of construction(34) and other rules(35) applicable to testamentary dispositions, and in other respects the property of such a trust is ordinarily treated as if it were owned by the settlor.
8843004, the decedent bequeathed his entire estate to an existing inter vivos trust.
83 (1929), the Court held that a Virginia tax on the value of an inter vivos trust, which had Virginia beneficiaries but a Maryland trustee, violated the Due Process Clause of the U.

Full browser ?