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inter vivos |
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[Latin, Between the living.] A phrase used to describe a gift that is made during the donor's lifetime. In order for an inter vivos gift to be complete, there must be a clear manifestation of the giver's intent to release to the donee the object of the gift, and actual delivery and acceptance by the donee. An inter vivos gift is distinguishable from a gift causa mortis, which is made in expectation of impending death. inter vivos (in-tur-veye-vohs) adj. Latin for "among the living," usually referring to the transfer of property by agreement between living persons and not by a gift through a will. It can also refer to a trust (inter vivos trust) which commences during the lifetime of the person (trustor or settlor) creating the trust as distinguished from a trust created by a will (testamentary trust) which comes into existence upon the death of the writer of the will. (See: inter vivos trust) inter vivos noun conferment between the living, conveyance between the living, transfer among the living Associated concepts: inter vivos will INTER VIVOS. Between living persons; as, a gift inter vivos, which is a gift made by one living person to another; see Gifts inter vivos. It is a rule that a fee cannot pass by grant or transfer, inter vivos, without appropriate words of inheritance. 2 Prest. on Est. 64. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Clients who want certainty as to the tax results of a transfer of art by gift--but hesitate to make a transfer (and possibly pay gift tax) before an IRS ruling--should consider transferring the asset to an inter vivos qualified terminable interest property trust (QTIP) and obtain a valuation ruling under Rev. citizen G establishes and funds an irrevocable inter vivos trust (Trust) for the benefit of G's descendants. These disputes will arise in the form of beneficiary and trustee lawsuits over the proper administration of trust assets, or disputes between beneficiaries as to their entitlement under certain inter vivos or testamentary documents (such as a revocable living trust or a will). |
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