Inter Vivos Form For Land
Description
How to fill out Inter Vivos QTIP Trust With Principal To Donor's Children On Spouse's Death?
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FAQ
In Canada, it isn't advisable to transfer ownership of real estate to family members for anything other than the fair market value. However, an alternative would be to give the person cash they can then use to purchase the property at the fair market value.
The essential elements of an inter vivos gift are: (1) present donative intent (the donor's clear intent to pass title/interest to the property to the recipient); (2) delivery (a surrender of all or some dominion and control by the donor and allowing the donee to have possession, which may take different forms ...
In establishing a trust, the grantor names the trust parties, which include the grantors, typically the spouse; the beneficiaries; and the trustee. Sometimes, the spouses are named as trustees. However, a contingent trustee should be named in the event both spouses die.
Both types of gifts share three elements which must be met in order for the gift to be legally effective: donative intent (the intention of the donor to give the gift to the donee), the delivery of the gift to the donee, and the acceptance of the gift.
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.