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Inter Vivos: A Comprehensive Guide to Living Property Transfers
Definition & Meaning
Inter vivos is a Latin term that translates to "among the living." It refers to the transfer of property or assets between living individuals, rather than through a will after someone's death. An inter vivos gift is a gift given while the donor is alive. Similarly, an inter vivos trust, also known as a living trust, is established during the lifetime of the person creating it, distinguishing it from a testamentary trust that only comes into effect after death.
Table of content
Legal Use & context
Inter vivos is commonly used in various areas of law, including estate planning, property law, and family law. It plays a crucial role in how individuals can transfer assets while they are still alive, often to avoid probate or to manage their estate effectively. Users can often handle inter vivos gifts or trusts using legal templates available through services like US Legal Forms, which provide guidance on the necessary agreements and documentation.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A parent decides to gift their home to their child while they are still living. This transfer is documented through a deed, and the parent retains the right to live in the home for the rest of their life.
Example 2: A person establishes a living trust to manage their assets during their lifetime and specifies how those assets will be distributed after their death (hypothetical example).
State-by-state differences
Examples of state differences (not exhaustive):
State
Key Differences
California
Inter vivos gifts are generally not subject to gift tax if below a certain threshold.
New York
Specific rules dictate how inter vivos trusts are managed and taxed.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Description
Testamentary trust
Created through a will and takes effect after the death of the testator.
Gift causa mortis
A gift given in anticipation of death, which is effective only if the donor dies.
Common misunderstandings
What to do if this term applies to you
If you are considering making an inter vivos gift or establishing a living trust, it's important to:
Consult with a legal professional to understand the implications and requirements.
Use legal templates from US Legal Forms to draft the necessary documents.
Ensure that the transfer does not leave you without adequate means of support.
Find the legal form that fits your case
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