Estate planning and all related matters can be a headache to handle. You have to become versed in specific terminology, understand how these terms apply to you, and know what options suit your situation best. Today, we’ll take a look at a specific type of trust known as an inter vivos trust, and examine what it can do for you.
Inter vivos is the Latin word for “between the living”. FindLaw states that an inter vivos trust is actually just another name for a living trust, which you may be more familiar with. Unlike a will, a living trust is created while the grantor is still alive, rather than post-mortem. Property is therefore managed by the trustee for the beneficiary while the grantor is still alive.
This gives you, as the grantor, more power to ensure that property is being used in the way you intend. You can also make a living trust revocable. This means that at any point, for just about any reason, you can say that the arrangement isn’t working out and revoke the trust itself.
Having a living trust as opposed to a traditional will can help you:
- Avoid probate
- Regulate assets
- Reduce taxes
- Have financial privacy
As with all other matters of estate planning, whether or not this option works for you is dependent on your unique situation and what you expect out of the living trust. You can contact an experienced attorney to learn more and see if a living trust is right for you.