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Commonly Asked Questions about Inter Vivos Trusts

Advantages of Using an Intervivos Living Trust Speed of Transfer: Assets may be transferred into and out of the trust without the need for Court approval. Avoidance of Probate Expenses: An intervivos trust will not typically require probate court involvement; therefore, court costs and statutory fees will be avoided. Intervivos Trust - Probate Court delaware.oh.us formsservice trusts delaware.oh.us formsservice trusts
A living trust (sometimes called an inter vivos trust) is one created by the grantor during his or her lifetime, while a testamentary trust is a trust created by the grantors will.
Inter vivos is a Latin phrase which means while alive or between the living. This phrase is primarily used in property law and refers to various legal actions taken by a given person while still alive, such as giving gifts, creating trusts, or conveying property.
An inter vivos (which literally means between the living) trust is created between living persons. This type of protective trust may be established to safeguard assets for a vulnerable person. One person - the settlor - creates a trust to benefit a nominated beneficiary.
An inter-vivos trust can be either revocable or irrevocable. When a living trust is revocable, the trustor can change or cancel it, and can even act as its trustee (person who manages the trust). An irrevocable trust, on the other hand, may not be changed once it is created.
Example Sentences Gifts are usually divided into two classes: gifts inter vivos and gifts causa mortis. The ordinary gift inter vivos, between living people is irrevocable when completed. If he has not alienated it inter vivos, it will be hers if she survives him.
Advantages of Using an Intervivos Living Trust Speed of Transfer: Assets may be transferred into and out of the trust without the need for Court approval. Avoidance of Probate Expenses: An intervivos trust will not typically require probate court involvement; therefore, court costs and statutory fees will be avoided.