Inter Vivos Trust

Also known as Loving Trust or Living Trust.

A revocable trust that is created during the Grantor's life. This type of trust has many advantages over testamentary trusts in that they can:

• avoid the expense and delay of dealing with the probate court and lawyers
• avoid forced heirship laws
• maximize available tax planning
• solve the disability or potential guardianship problems of the Grantor as they become elderly
• provide for flexible methods of distributing assets to beneficiaries as and when intended

Many estate and trust professionals recommend living trusts to hold all assets during life.