A gift inter vivos (literally, "gift between the living") is a gift made during a person's lifetime, as opposed to a testamentary gift, which is one that is made in a person's will. Gifts inter vivos can take many different forms, including cash, property, stocks, or other assets.
What is a gift in trust law?
A gift in trust law is an arrangement in which one person (the "grantor") gives another person (the "trustee") the legal right to hold and manage property on behalf of a third person (the "beneficiary"). The trustee has a fiduciary duty to manage the trust property in the best interests of the beneficiary, and the trustee may be held liable for any losses that occur as a result of mismanagement.
What is an irrevocable inter vivos trust?
An irrevocable inter vivos trust is a legal arrangement in which one person, the settlor, transfers property to another person, the trustee, to hold and manage for the benefit of a third person, the beneficiary. The settlor gives up all ownership and control of the property and cannot revoke or change the trust.
What does inter vivos trust mean? Inter vivos trust is a legal arrangement created by a Grantor during their lifetime, whereby the Grantor transfers assets to a Trustee to hold and manage for the benefit of named Beneficiaries. The key advantage of an inter vivos trust is that it can help the Grantor to avoid probate, which is the legal process of distributing a person's assets after they die. What are the three requirements for an effective gift? 1.The gift must be an unconditional transfer of property from the donor to the donee.
2.The gift must be made during the donor's lifetime.
3.The gift must be accepted by the donee. What is the difference between inter vivos and testamentary? Inter vivos is a Latin term that means "between the living." An inter vivos trust is created during the lifetime of the settlor (the person who creates the trust). A testamentary trust, on the other hand, is created upon the death of the settlor.