What is an inter vivos trust?

An inter vivos trust is a trust created while the grantor (the person creating the trust) is still alive. This type of trust is commonly used to manage and protect assets while they are still owned by the grantor. An inter vivos trust is popular in estate planning because it allows the grantor to control how their property and assets will be distributed after their death. The grantor can designate a trustee who will be responsible for managing and distributing the trust’s assets. Depending on the grantor’s wishes, the trustee can be required to manage and protect the trust for the duration of their lifetime or until a time set by the grantor before they die. When the grantor passes away, the assets in the trust can be distributed according to the terms of the trust. In New York, an inter vivos trust is subject to a variety of laws. The trust must be created in accordance with the New York Estates, Powers, and Trusts Law. The trust must also meet certain requirements, such as having a valid purpose, being distinct from the grantor’s personal estate, and being created in writing. Additionally, the grantor must retain certain rights in order to be able to revoke the trust as long as they are alive. An inter vivos trust can provide the grantor with a variety of benefits, including protecting assets, keeping assets out of probate, and allowing for more privacy in determining how the assets will be distributed after their death.

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What is an inter vivos trust?

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