The Law Dictionary for Everyone
The Latin phrase inter vivos translates as “between persons.” In the legal system, an inter vivos trust is also known as a “living trust.” This type of trust is one that can distribute assets to a beneficiary either during the trustor’s lifetime, or after his death. The duration of such a trust is determined when the trust is created. An […]
Read moreA trust is a legal tool used by many individuals to control how their assets are managed after their death. Once a trust has been created, the creator, called a “Trustor,” transfers ownership of certain specified property and financial assets to the trust for the benefit of others, called “beneficiaries.” The assets in the trust are then managed by a […]
Read moreA living trust is a legal document that spells out an individual’s wishes concerning his or her assets, dependents, and other affairs, which are to be handled by another person, called a “trustee.” A trust is created by the individual, called a “Trustor,” at any point during his life, appointing a trustee, and detailing what is to be dealt with, […]
Read moreWhen a trust is created, the person creating the trust (the “grantor”) transfers ownership of certain specified property and financial assets to it for the benefit of others he has named as “beneficiaries.” A third party (a “trustee”) is designated by the grantor to manage the trust according to the directions given. In a regular, or “revocable trust,” the grantor […]
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