What is an inter vivos trust?

An inter vivos trust is a type of trust created by an individual during his or her lifetime. It is sometimes referred to as a living trust. In Pennsylvania, this type of trust assets can be used to transfer the individual’s ownership and control of assets to a trustee, who is then responsible for managing and disbursing the assets as directed by the trust agreement. An inter vivos trust can provide several benefits. First, the trust assets can be passed on directly to the beneficiaries without the need to go through the expensive and time-consuming process of probate. Secondly, it can provide asset protection from creditors and can help to avoid some estate taxes. Thirdly, it can be a tool for planning for future generations, as the trust document can specify how the assets are to be managed and disbursed upon the death of the donor. Additionally, it can provide greater privacy than what you can get from a will. When a person creates an inter vivos trust in Pennsylvania, he or she must follow certain procedures to ensure that the trust is legally binding. The person must name a trustee, and the trust must be in writing. The document must be signed and witness in accordance with Pennsylvania law. Any assets transferred to the trust must be done in accordance with the law.

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