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Simple English definitions for legal terms
inter vivos transfer
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A quick definition of inter vivos transfer:
An inter vivos transfer is when someone gives away or sells something they own while they are still alive. This is different from a transfer that happens after they die, which is called a testamentary transfer. Even if someone creates a trust that doesn't give the beneficiary anything until after they die, it still counts as an inter vivos transfer because they gave legal ownership of the property to the trust while they were alive.
A more thorough explanation:
An inter vivos transfer is a legal term that refers to the transfer of property or assets from one person to another during their lifetime. This type of transfer can be contrasted with a testamentary transfer, which is a transfer made in a will after death.
For example, if a parent gifts their child a car while they are still alive, this would be considered an inter vivos transfer. Similarly, if a person creates a trust and transfers assets into it during their lifetime, this would also be considered an inter vivos transfer.
It's important to note that even though the beneficiary of a revocable trust may not receive the benefit until after the donor's death, it is still considered an inter vivos transfer because legal title is transferred at the time the trust is created.