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)

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(7) This duty runs to the entire group of interested persons, including estate creditors as well as beneficiaries of the estate and any inter-vivos trusts created by the decedent.