Inter Vivos – Latin for “between the living”
An Inter Vivos Trust is often referred to as a living trust or a revocable living trust. As opposed to the testamentary trust that goes into effect when the trustor has passed away, the Inter Vivos Trust is in place and operating while the grantor is still alive. The Inter Vivos Trust is a tool in estate planning, and can be discussed with a legal professional. If you are considering starting an Inter Vivos Trust, you might want to review the following facts in order to make the best decision for yourself and your trustees.
Living Trust (Inter Vivos Trust)
An Inter Vivos Trust is often referred to as a living trust or a revocable living trust. As opposed to the testamentary trust that goes into effect when the trustor has passed away, the Inter Vivos Trust is in place and operating while the trustor is still alive. The Inter Vivos Trust is a tool in estate planning, and can be discussed with a legal professional. If you are considering starting an Inter Vivos Trust, you might want to review the following facts in order to make the best decision for yourself and your trustees.
Facts about the Inter Vivos Trust | Virginia Law
* This is a written agreement between two parties — you as the grantor and the individual or company as the trustee. You may first set up the living trust to name you as the initial trustee, meaning that you are primary person in control of the trust assets. Since this estate plan is revocable, you are able to change it or amend it as you see fit throughout your lifetime. This is one of the greatest benefits to the living trust, as it is almost always necessary to make adjustments throughout the lifetime of the grantor. Of course, you must be competent enough to make these decisions, but it is important to have the flexibility of an amendable trust available should the need arise.
* While you are living, you are still the sole beneficiary of the trust. You are the person who is entitled to the benefits and the assets of the trust. It is not until you have passed away do your primary trustees receive access to the assets. Throughout the estate planning process, you will list who the trustees are in order of priority as well as what they receive from the trust and when they receive it.
In order to set up a legal and binding Inter Vivos Trust, you must work with a qualified legal professional. This lawyer can help you with your estate planning in many different ways, making sure that your money gets put to use in the way that you want it to. An Inter Vivos Trust is a great way to manage your trust while you are alive, to amend it as necessary and to benefit from it while you can. With an Inter Vivos Trust, you never have to worry that you haven’t taken care of everything. Your trust is set and your beneficiaries are in place, so you can get back to enjoying your everyday life without worrying about estate planning and legal matters
* This is a written agreement between two parties — you as the trustor or grantor and the individual or company as the trustee. You may first set up the living trust to name you as the initial trustee, meaning that you are the primary beneficiary of the trust. However, it is important to have a person in place who will step in your shoes should anything happen.
* As this document is considered revocable, you are able to change it or amend it as you see fit throughout your lifetime. This is one of the greatest benefits to the living trust, as it is almost always necessary to make adjustments throughout the lifetime of the trustor. Of course, you must be competent enough to make these decisions, but it is important to have the flexibility of an amendable trust available should the need arise.
* While you are living, you are still the sole beneficiary of the trust. You are the person who is entitled to the benefits and the assets of the trust. It is not until you have passed away do your primary trustees receive access to the assets. Throughout the estate planning process, you will list who the trustees are in order of priority as well as what the beneficiaries receive from the trust and when they receive it.
In order to set up a legal and binding Inter Vivos Trust, you must work with a qualified legal professional. This process is rather complex and you do not want the trust to fail. I can help you with your estate planning in many different ways, making sure that your money gets put to use in the way that you want it to. An Inter Vivos Trust is a great way to manage your trust while you are alive, to amend it as necessary and to benefit from it while you can. With a properly drafted/executed Inter Vivos Trust, you never have to worry that you haven’t taken care of everything. Your trust is set and your beneficiaries are in place, so you can get back to enjoying your everyday life without worrying about estate planning and legal matters.
Ryan C. Young | Estate Planning | Inter Vivos Trust | Richmond, Virginia
