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Preparing your trust in Colorado can be confusing, especially when you come across terms that you have never heard before. One of the phrases that is commonly misunderstood is an inter vivos trust. Understanding what this trust is and what the benefits are can help you determine if this is the right trust for you.
According to the American Bar Association, an inter vivos trust is another name for a living trust. This kind of trust can be a benefit to you if your estate contains certain kinds of assets, is of an adequate size or includes specific plans for your family and yourself. You can use a living trust if you want to avoid probate and allow your trustee to distribute the property instead of the state.
With an inter vivos trust, you are able to name a person as trustee to be responsible for managing your property in the hopes that they will do so in a way that benefits your family. It also allows you to place your assets in the trust while you are still alive and name yourself as the trustee. While this does not change the rights they have concerning their own property, they will now be able to operate under the trust’s name instead of their own.
While there are many benefits to creating a living trust and naming yourself or someone else as trustee, the laws governing this type of trust are constantly changing. This information is intended for your education and should not be taken as legal advice.