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inter vivos trust :: legal definition


Inter vivos trust - n. a trust created by a writing (declaration of trust) which commences at that time, while the creator (called a trustor or settlor) is alive, sometimes called a "living trust." The property is then placed in trust with a trustee (often the trustor during his/her lifetime) and distribution will take place according to the terms of the trust-possibly both during the trustor's lifetime and then upon the trustor's death. This is different from a testamentary trust, which is created by the terms of a will and places some assets from the dead person's estate in a trust to exist from the date of death and until fully distributed.

See also: declaration of trust inter vivos testamentary trust trust and Related Law Terms ↓


Related Law Terms

adverse witness :: n. a witness in a trial who is found by the judge ... r the opposition. See also: witness
cestui que use :: (pronounced ses-tee kay use or setty kay use) n. a ... beneficiary cestui que trust trust
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
hostile witness :: n. technically an "adverse witness" in a trial who ... so: adverse witness leading witness
inter vivos :: (in-tur veye-vohs) adj. Latin for "among the livin ... e will. See also: inter vivos trust
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
settlor :: n. the person who creates a trust by a written tru ... the trust. See also: trust trustor
testamentary trust :: n. a trust created by the terms of a will. Example ... vivos trust living trust trust will
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor
trustor :: n. the creator of a trust (who normally places the ... ern states. See also: settlor trust
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

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Other Law Terms - I

i.e. :: prep. abbreviation for id est, which is Latin for ... "e.g.," which means "for example."
illegal :: 1) adj. in violation of statute, regulation or ord ... . See also: alien illegal immigrant
illegal immigrant :: n. an alien (non-citizen) who has entered the Unit ... ion date of a visa. See also: alien
illusory promise :: n. an agreement to do something that is so indefin ... he may have thought was a contract.
immaterial :: adj. a commonly heard objection to introducing evi ... ons. See also: irrelevant objection
immediately :: adv. 1) at once. 2) in orders of the court or in c ... oon as can be done" without excuse.
immunity :: n. exemption from penalties, payments or legal req ... ws. See also: governmental immunity
impanel :: v. to select and install a jury. See also: impanel ... l a jury. See also: impaneling jury
impaneling :: n. the act of selecting a jury from the list of po ... e juror jury panel venire voir dire
impeach :: v. 1) to discredit the testimony of a witness by p ... ve been found guilty by the Senate.
impeachment :: n. 1) discrediting a witness by showing that he/sh ... the trial itself. See also: impeach
impleader :: n. a procedural device before trial in which a par ... than having two suits in a series.
implied :: adj., adv. referring to circumstances, conduct or ... nt implied consent implied warranty
implied consent :: n. consent when surrounding circumstances exist wh ... aybe" or "later." See also: implied
implied contract :: n. an agreement which is found to exist based on t ... : contract express contract implied
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
implied warranty :: n. an assumption at law that products are "merchan ... er. See also: caveat emptor implied
impossibility :: n. when an act cannot be performed due to nature, ... cel) a contract. See also: contract
impotence :: n. the male's inability to copulate. Impotence can ... eans inability to produce children.
impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture