Inter Vivos Trust Legal Meaning and Definition

Here is a simplified definition of the legal term Inter Vivos Trust.

Inter Vivos Trust (noun)

An Inter Vivos Trust, often referred to as a "living trust", is a legal arrangement created by an individual, known as the trustor, during their lifetime. This type of trust is different from a testamentary trust, which is created after a person's death according to their will. The purpose of an Inter Vivos Trust is to hold and manage assets for the benefit of named individuals, commonly family members. This trust effectively allows the trustor to control the distribution of their assets during life or after death.