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inter vivos trust |
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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) 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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citizen G establishes and funds an irrevocable inter vivos trust (Trust) for the benefit of G's descendants. Also known as a revocable inter vivos trust, it allows you to transfer property into it and specify a trustee who will manage the property. Helen Wall created three irrevocable inter vivos trusts for the benefit of family members. |
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