What is a Living (inter vivos) Trust?
An inter vivos trust, among other things, is a means of addressing property and income management, but not for making health care decisions. It is typically created by the grantor transferring property to a trustee for the benefit of the person for whom it is established (called the donee or beneficiary). In this context, the grantor is typically the beneficiary. Moreover, the grantor often serves as the trustee until some stated event, such as the incapacity of the grantor, at which time a successor trustee will take over. The successor trustee is specified to take over and manage the trusts assets and provide for the older citizen when he or she should become incapacitated. A trust is created by a document which identifies the trust assets, the person for whom the trust is established, the trustee (and his or her successors), and the terms that must be observed in managing and spending the trust assets. But a trust is not effective unless it is funded. That means your assets must be
