What is an inter vivos trust?
An inter vivos trust is a type of trust set up by an individual while they are still alive. It is also sometimes referred to as a living trust. In such a trust, the individual, also known as the grantor, transfers the legal title of their property to a trustee, who will manage the trust and protect it for the benefit of the named beneficiaries. In Florida, an inter vivos trust must be entered into in writing by the grantor and must include very specific details, such as the asset to be transferred, the purpose of the trust, and the description of the beneficiaries. Furthermore, the trust must also include the instructions of the trustee, as well as the method of payment, and any prohibitions or limitations the grantor wishes to impose on the use of the trust. Through this type of trust, the grantor can control how their property is managed and distributed after their death, as well as provide for the financial security of their beneficiaries.
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