inter vivos trust


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

inter vivos trust

n. a trust created by a writing (declaration of trust) which commences at that time, while the creator (called a trustor or settlor) is alive, sometimes called a "living trust." The property is then placed in trust with a trustee (often the trustor during his/her lifetime) and distribution will take place according to the terms of the trust---possibly both during the trustor's lifetime and then upon the trustor's death. This is different from a testamentary trust which is created by the terms of a will and places some assets from the dead person's estate in a trust to exist from the date of death and until fully distributed. (See: inter vivos, declaration of trust, trust, testamentary trust)

References in periodicals archive ?
Benefits that stem specifically from the management aspects of inter vivos trusts provide additional reasons for the popularity of these planning devices.
Thus, a revocable inter vivos trust generally will not be given effect to the extent the settlor is prohibited from disposing of similar property for a similar purpose by will.
Some of these issues could be dealt with if each spouse created an inter vivos trust for the benefit of the other spouse.
If the statute says that a husband and wife can have tenancy by the entirety protection through a land trust where they don't own legal title but only a beneficial interest, the same thing can happen through an inter vivos trust.
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.
Indeed, inasmuch as section 2-707 creates a reversion in the settlor in every case of an irrevocable inter vivos trust, unless a contrary intent is shown, there is a risk that the settlor's reversion implied by law will be taxable in his estate under section 2037 of the Internal Revenue Code.
163) The settlor, who had created and funded two inter vivos trusts of $10 million apiece, explained in the trust instruments that he was including this condition because he had "been kept informed of such administration, and [was] completely satisfied therewith" and "desire[d] .
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.
Total discretionary inter vivos trusts (1) provide a variety of benefits.
Most of Fox's clients opt for the charitable lead trust and its derivatives: the charitable lead annuity trust, charitable lead unitrust, testamentary trust and inter vivos trust.
If an inter vivos trust created by a Connecticut resident has one or more nonresident, noncontingent beneficiaries, the trust will only be taxable on a portion of the income.
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.

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