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Primary tabs. An inter vivos transfer is a transfer of property made during a persons lifetime. It can be contrasted with a testamentary transfer, which is a transfer made in a will after death.
The downside to irrevocable trusts is that you cant change them. And you cant act as your own trustee either. Once the trust is set up and the assets are transferred, you no longer have control over them.
A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually cant be changed without a court order or the approval of all the trusts beneficiaries. This makes an irrevocable trust less flexible.
The opposite of an Inter Vivos trust is a testamentary trust, which goes into effect upon the death of the trustor.
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.
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The trust can also be used to reduce estate tax liabilities and ensure professional management of the assets. A disadvantage of a testamentary trust is that it does not avoid probatethe legal process of distributing assets through the court.
There are two main types of inter vivos trusts also known as Living Trusts revocable and irrevocable. The first type of trust is a Revocable Trust. With this, a donor maintains complete control over the trust and may amend, revoke, or terminate it at any time.
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 trusts creation and can entail the distribution of assets to the beneficiary during or after the trustors lifetime.
Testamentary Trust: Whats 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.
There are several types of trusts, including inter vivos or living trusts and testamentary trusts, which are created following a death. Family trusts are a type of inter vivos trust.

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