Inter Vivos Trust
An inter vivos trust is an arrangement in which a person, called a settlor, transfers his/her assets to a trust for the benefit of others upon the settlor's death. Inter vivos trusts are commonly used as an alternative to wills in order to direct the distribution of a person's assets after his/her death and to avoid probate. A revocable inter vivos trust is often called a living trust.
This brief overview of some important considerations associated with living trusts is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.