What is an inter vivos trust?
An inter vivos trust, or “living trust,” is a legal arrangement that allows a person to control how their assets and property are managed while they are alive and how they will be distributed at death. This type of trust is most often used in Washington to avoid the time-consuming and costly probate process. An inter vivos trust is created by an individual, known as the “grantor,” who appoints a “trustee” to manage the trust assets. The grantor may be the trustee themselves or can choose a family member, friend, or a professional. As part of setting up the trust, the grantor can identify how the trust assets will be managed and how the trust will be distributed after the grantor has died. Generally, the trust assets are subject to the direction of the grantor and are managed according to the terms set out in the trust document. In addition to avoiding the probate process, an inter vivos trust can be used to provide for a family member’s care during their lifetime, provide tax benefits, and protect assets from creditors. Furthermore, an inter vivos trust can be amended or revoked at any time while the grantor is alive and has the capacity to do so. In Washington, the grantor must be at least 18 years old to create an inter vivos trust.
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