What is an Inter Vivos Revocable Trust?
A revocable trust is a trust in which the creator of the trust (sometimes referred to as the “grantor”) reserves the right to amend or revoke the trust and recover the trust property. An inter vivos revocable trust is a revocable trust which is created and takes effect during the grantor’s lifetime. Upon creation of an inter vivos revocable trust, the grantor should transfer assets to one or more trustees for safekeeping and management in accordance with the grantor’s instructions set forth in the trust. Oftentimes the grantor designates himself or herself as the initial trustee and retains the right to use trust assets as if such assets were still owned by the grantor in his or her individual capacity. In addition to the initial transfer to the trust, the grantor can choose to further fund the trust during his or her lifetime by transferring both personal and real property to the trust. The grantor can also choose to further fund the trust following death by making provision in his or
