What is an inter vivos trust?
An inter vivos trust is a type of trust that is created and funded during an individual’s lifetime. This type of trust is used to manage assets and property that are owned by the grantor, or the creator of the trust. In Kansas, the grantor has the ability to control the funds in the trust and determine how they are distributed and to whom. Generally, the grantor can choose people to act as trustees and beneficiaries of the trust. The trustees will be responsible for following the instructions laid out in the trust agreement and managing the trust resources, while the beneficiaries will be entitled to the benefit of the trust assets. Inter vivos trusts can be used for a variety of purposes, such as avoiding probate, minimizing estate taxes, planning for future disability needs, protecting family members, and providing for long-term care needs. When using this type of trust, it is important to ensure that all parties involved are in agreement as to the trust’s purpose and how the assets will be managed. Furthermore, an inter vivos trust must be established in accordance with the Kansas and federal laws in order to ensure that all parties are properly protected.
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