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There are two basic types of Deeds of Trust, the Long Form and the Short Form. The Long Form, which could be 20-30 pages long, is the one generally used by institutional lenders. The Short Form is the one that is most widely used by private party lenders.
One example to help you imagine how an Inter Vivos Trust can be used is a college education fund. Let's say you have two young children, and you and your spouse became motivated to establish an estate plan. You set up two Trusts and name your children as the beneficiaries, one Trust per child.
This Form is a joint revocable trust for spouses prepared to comply with California law. It addresses what should be done with the trust property while both spouses are alive, and how the trust property is to be administered after the death of one spouse.
If the Grantor ? also known as the Trustor, Grantor or Settlor ? acted as Trustee while they were alive, the named Successor Trustee will normally take over as Trustee of the Trust upon the Grantor's death.
Also known as a living trust, an inter vivos (sometimes written with a hyphen or as "intervivos") trust is created for the purpose of estate planning while an individual is still living.