Inter Vivos Form For Trust
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How to fill out Inter Vivos QTIP Trust With Principal To Donor's Children On Spouse's Death?
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FAQ
An inter vivos (which literally means 'between the living') trust is created between living persons. This type of protective trust may be established to safeguard assets for a vulnerable person. One person - the settlor - creates a trust to benefit a nominated beneficiary.
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.
The state of California has an anti-lapse law that is put in place in the event that a beneficiary passes away before the decedent. With this statute, the beneficiary's share of the estate will pass down to the beneficiary's heirs or issue, rather than reverting back to the decedent's estate.
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.
Some examples of inter vivos actions and items in property law include: An inter vivos transfer is a property transfer that is made during a transferor's lifetime. Living trusts are trusts created during the lifetime of a settlor and are revocable before that settlor's death (see: revocable living trusts).