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 ?
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.
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.
TRUSTS: Trusts fall into two categories: Testamentary Trusts (those established by a Will at death) and Inter Vivos Trusts (those established during life):
Total discretionary inter vivos trusts (1) provide a variety of benefits.
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.
Thus a settlor domiciled in one state may create an inter vivos trust by conveying property to a trust company of another state as trustee and delivering the property to it to be administered in that state.
For an inter vivos trust, the taxable gift for gift tax purposes is zero.
When drafting a pet trust, either as part of a will, a revocable trust, or a stand-alone inter vivos trust, various factors should be given consideration.
If you make the transfer during your lifetime, it is called an inter vivos trust.

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