What is an inter vivos trust?
An inter vivos trust is a trust that is established during the trustor’s lifetime, rather than through a will after death. In West Virginia, inter vivos trusts are regulated by the Uniform Trust Code, which outlines the management of the trust and the responsibilities of the trustee and beneficiaries. In an inter vivos trust, the trustor (the person who creates the trust) transfers assets to the trust. The trustor can also decide who will be the beneficiary of the trust. The trustee, who is appointed by the trustor, is responsible for the management of the trust and must follow the instructions the trustor gave them for the trust’s administration. The trustee has the duty of carrying out the trustor’s wishes for the trust’s assets and the beneficiaries. Generally, the trustor will dictate how the trust assets will be distributed, how long the trust will last, and who will receive the assets of the trust upon its termination. An inter vivos trust can be used for a variety of reasons, including to protect assets from potential creditors, to provide for dependents, or to reduce taxes. It is important to remember that inter vivos trusts are regulated by state laws, including inheritance law in West Virginia, so it is always wise to consult with an attorney before establishing one.
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