What is an inter vivos trust?

An inter vivos trust, also known as a living trust, is a legal document created in the state of Virginia that allows an individual to transfer ownership of assets to a trustee during one’s lifetime. This type of trust is often used to control and manage the assets of the grantor (the person setting up the trust) during their lifetime. Trustees are responsible for managing and distributing the trust assets according to the terms of the trust document, which is created by the grantor. The main advantage of establishing an inter vivos trust is that it allows the grantor to control their assets and determine who will receive them after their death while avoiding the time and cost associated with the probate process. Through an inter vivos trust, assets can be passed on to beneficiaries without going through the cumbersome court supervision of probate. When transferring property into a trust, the grantor should be sure that all titles, deeds, and other documents are properly changed to reflect the trust as the owner of the property. Living trusts can be revocable or irrevocable. With a revocable trust, the grantor has the right to modify, terminate, or amend the trust at any time. An irrevocable trust, however, is set in stone and cannot be modified or amended. In either case, a trust should be properly drafted and reviewed by a qualified professional in order to ensure that the trust’s provisions are valid.

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What is an inter vivos trust?

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