What is an inter vivos trust?

An inter vivos trust, also known as a living trust, is a trust established during a person’s lifetime. A trust is a legal document in which one individual transfers title to property to another individual, called the trustee. The trustee is usually a person or institution who is entrusted with the responsibility of managing the trust. The trust’s creator is the grantor or settlor and the beneficiary is the person who will receive the trust’s benefits. In an inter vivos trust, the assets that are placed in the trust, such as real estate, vehicles, cash, and securities, are given away by the grantor while they are still alive. The grantor also names another person or entity, such as a bank, to be the trustee of the trust. The trustee is responsible for managing the trust’s assets and distributing them according to the grantor’s wishes. In the state of Florida, inter vivos trusts are an important estate planning tool. They can be used to avoid probate, a costly and time-consuming process. Inter vivos trusts allow the grantor to keep control over their assets even after their death. They are also an effective way to transfer assets in an orderly and cost-effective manner, thus protecting the beneficiary’s inheritance. Inter vivos trusts can be very complex, so it is important to seek professional advice when setting up a living trust. A qualified attorney can help you create an inter vivos trust that meets your estate planning goals.

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What is an inter vivos trust?

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