Inter Vivos Trust
Definition - What does Inter Vivos Trust mean?
An inter vivos trust is a trust fund that is established during the course of a person's lifetime for the sole purpose of gifting something to another person while the giver is still alive. Inter vivos trusts have no attachments to wills. This is an important aspect that qualifies a trust as inter vivos. Other crucial requirements for an inter vivos trust are the responses. Three actionable responses must happen in order for an inter vivos trust to be valid. First, the person giving the asset needs to volunteer the asset to the receiver. The act of offering it to the receiver qualifies as the second step. The third step is the receiver agreeing to take it. As long as those three conditions are met, it is completely lawful for a giver to give assets, including cash or property, to another person while still alive and not attached to any other precondition.
Justipedia explains Inter Vivos Trust
The term inter vivos trust is commonly found within civil and family law. It can be used to describe assets that are retained separately by spouses and can be disbursed of unilaterally. When the process of a divorce happens concurrently or within a few years of gifting through inter vivos trust rules, the term appears in order to clarify what happened to the property or asset and through what means it was initially derived.