An inter vivos trust, also known as a living trust, is a legal arrangement created during the lifetime of the trustor (the person who establishes the trust) to hold and manage assets.
The trustor transfers ownership of their assets to the trust, which is then managed by a trustee for the benefit of designated beneficiaries according to the terms of the trust agreement.
Inter vivos trusts are used for a variety of purposes, including asset protection, tax planning, and avoiding probate—the legal process of distributing a deceased person's assets.
Unlike a will, an inter vivos trust can provide for the management of assets during the trustor's lifetime, including provisions for the trustor's care if they become incapacitated.
There are two main types of living trusts: revocable, which can be altered or terminated by the trustor at any time, and irrevocable, which cannot be changed once established.
Estate Planning: Inter vivos trusts are a cornerstone of estate planning, allowing for the seamless transfer of assets to beneficiaries without the need for probate.
Tax Law: Certain types of inter vivos trusts can be used to minimize estate taxes or to manage charitable giving in a tax-efficient manner.
One common misconception is that inter vivos trusts are only for the wealthy. While they are a popular tool for high-net-worth individuals to manage estate taxes and protect assets, people of various financial backgrounds use them for privacy, avoiding probate, and managing their affairs.
Another misunderstanding is that creating a living trust completely avoids taxes; while it can reduce estate taxes, the trust itself may be subject to different tax rules depending on its structure and the assets held.
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