Inter Vivos Trust Information
An inter vivos trust is designed to manage a person’s assets during their lifetime and ensure smooth distribution after death, often avoiding the probate process. When revocable, the grantor can modify or revoke the trust at any time. When irrevocable, the grantor permanently transfers ownership of the assets into the trust. These trusts are commonly used in estate planning to maintain privacy, minimize estate taxes, and ensure asset management in case of incapacity. The trust document outlines the trustee’s duties, beneficiaries’ rights, and how assets should be handled or distributed.
Florida Legal Definition
Under the **Florida Trust Code (Florida Statutes Chapter 736)**, an inter vivos trust is a trust created and taking effect during the lifetime of the settlor (grantor). Florida law allows both revocable and irrevocable inter vivos trusts, provided the settlor has legal capacity and intent to create the trust. Revocable living trusts are particularly popular in Florida for estate planning because they allow the settlor to retain control of assets while simplifying the transfer of property upon death without court supervision. These trusts must comply with statutory requirements regarding execution, amendment, and administration.
How It’s Used in Practice
In practice, inter vivos trusts are used to manage personal and family assets, plan estates, and avoid probate proceedings. Many Florida residents establish revocable living trusts to ensure privacy and continuity of asset management after death. Financial advisors and attorneys often help structure these trusts to include provisions for incapacity or long-term care. Trustees manage the assets according to the trust’s terms, paying income to beneficiaries or transferring property after the settlor’s death. Inter vivos trusts also help minimize delays, costs, and disputes in estate administration.
Key Takeaways
- An inter vivos trust is created during a person’s lifetime and takes effect immediately.
- It can be revocable (changeable) or irrevocable (permanent), depending on the grantor’s goals.
- Governed in Florida by the Florida Trust Code (F.S. Chapter 736).
- Used to manage assets, avoid probate, and ensure smooth estate administration.
- Provides flexibility, privacy, and potential tax and asset protection benefits.
Disclaimer: The information and opinions provided are for general educational, informational or entertainment purposes only and should not be construed as legal advice or a substitute for consultation with a qualified attorney. Any information that you read does not create an attorney–client relationship with Barnes Walker, Goethe, Perron, Shea & Johnson, PLLC, or any of its attorneys. Because laws, regulations, and court interpretations may change over time, the definitions and explanations provided here may not reflect the most current legal standards. The application of law varies depending on your particular facts and jurisdiction. For advice regarding your specific situation, please contact one of our Florida attorneys for personalized guidance.
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