What is an inter vivos trust?

An inter vivos trust (or living trust) is an estate planning tool commonly used by individuals to manage their assets while they are still alive. It allows individuals to legally transfer ownership of their assets—such as cash, real estate, stocks, and bonds—to a third party – the trustee – who then holds and manages the assets on the behalf of the individual (or “grantor”) and any specified beneficiaries. An inter vivos trust can help individuals avoid probate, which is the court-supervised process of distributing assets at death. They can also be used to reduce estate taxes, protect assets from creditors, and provide for minor children and other beneficiaries. In Kansas, inter vivos trusts are governed by state law, including the Kansas Trust Code and related statutes. These laws address important aspects of setting up and administering a trust, and outline the fiduciary duties of trustees. Ultimately, an inter vivos trust is a flexible estate planning tool that can help individuals protect their assets, manage their finances, and provide for their loved ones. It is important to note, however, that setting up an inter vivos trust can be complicated, and it is best to consult an experienced estate planning attorney for guidance.

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What is an inter vivos trust?

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