Hey pal,
I heard the words inter vivos out of a friend's mouth one day. To be honest, I initially thought it was a spell from Harry Potter. I was then informed about the true inter vivos meaning. This phrase is a type of transfer of property that takes place from one person to another. If you wish to read more about the topic, jump to the paragraphs given below.
What is inter vivos meaning in law ?
It is a type of trust that is created by an individual or organisation for the benefit of another individual. In simple words, inter vivid means living trust. The duration of the trust is decided by the trustor. According to the timeline decided, assets can be distributed to the beneficiary after the truster’s demise or during the truster’s lifetime.
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I was also informed that inter-vivos trust is an example of a fiduciary relationship in real estate. The transfer of property takes place after an agreement between people. It can also be seen as a gift given to someone while the trustor is alive and well
The opposite of inter inter-vivos trust is testamentary transfer. In the latter, property ownership is transferred post the demise of the owner/ trustor. Inter Vivos is beneficial for people as there is no need for probate or legal process for the distribution of an asset.
This is all from my end on inter vivos meaning.
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What is inter vivos meaning ?
Kamo
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3 Year
2022-05-26T21:11:39+00:00 2022-05-26T21:11:40+00:00Comment
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