What is the meaning of inter vivos trust?
living trust
An Inter Vivos Trust is one created by a living person for the benefit of another person. Also known as a living trust, this trust has a duration that is determined at the trust’s creation and can entail the distribution of assets to the beneficiary during or after the trustor’s lifetime.
What is the meaning of transfer inter vivos?
The phrase refers to a transfer of property by agreement between living persons and can be contrasted with a testamentary transfer, which is a transfer made in a will after death. In general, an inter vivos gift refers to a transfer or gift given to someone while both the giver and the receiver are alive.
What is a inter vivos in law?
(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.
What is an inter vivos document?
An inter vivos trust is effectively a legal document created while the individual for which the trust is drawn up is still living. The assets are titled in the name of the living trust by the trust owner and are used or spent down by the trust owner while they are alive.
What happens to an inter vivos trust when the grantor dies?
Inter vivos trusts may be revocable or irrevocable; after the grantor’s death, they’re all irrevocable. A grantor often uses inter vivos trusts to remove property from the estate, at least for probate purposes, and sometimes, for both probate and estate tax purposes.
What is the meaning of vivos?
In vivo is a scientific term indicating that something has been observed in a living being, as in an animal experiment or a clinical trial of a new drug. If you were testing your new energy drink by observing a group of subjects as they tried it, you could say your experiment was in vivo, or tested on living people.
Is an inter vivos trust a revocable trust?
Testamentary Trust: What’s the Difference?” explains that an inter vivos or living trust is drafted as either a revocable or irrevocable living trust and allows the individual for whom the document was established to access assets like money, investments and real estate property named in the title of the trust.
Can you sell a house that is in a revocable trust?
Selling Property in a Revocable Trust As the grantor, you can sell properties in a revocable trust the same way you would sell any other property titled in your own name. You can take the property out of the trust and retitle it in your name, but that isn’t necessary.
What is the legal definition of inter vivos trust?
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.”
What does the Latin term inter vivos mean?
Inter Vivos [Latin, Between the living. ] A phrase used to describe a gift that is made during the donor’s lifetime.
Which is the best definition of an inter vivos gift?
An inter-vivos gift is thus a gift made while someone is alive. An inter-vivos trust is also referred to as a living trust.
What does inter vivo mean in organ donation?
The term inter vivos is also used to describe living organ donation, in which one patient donates an organ to another while both are alive. Generally, the organs transplanted are either non-vital organs such as corneas or redundant vital organs such as one of the two kidneys or part of a liver.
