What is an inter vivos trust?

An inter vivos trust is a type of trust created during a person’s lifetime. It is also commonly referred to as a “living trust.” Inter vivos trusts differ from other types of trusts in that they are created while someone is still alive, rather than after their death. Inter vivos trusts are commonly used to plan for the transfer of assets during the grantor’s lifetime to an individual or entity. It can also be used to manage the grantor’s assets during their lifetime, as well as for tax and estate-planning purposes. In Tennessee, inter vivos trusts are governed by the Tennessee Code Annotated. Generally, they must be in writing and signed by the settlor (creator of the trust). A trust document must also outline the trust’s purpose, how assets are to be managed, and who will be in control of the trust. Inter vivos trusts can also be used to direct how and when assets are distributed after the grantor’s death. It can also be used to protect the grantor’s estate from creditors and provide for the transfer of assets to heirs after the grantor’s death. Inter vivos trusts are an important tool in estate planning and can help individuals in Tennessee make sure their assets are distributed in the way they intend.

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What is an inter vivos trust?

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