Inter Vivos Law and Legal Definition
Inter vivos is a Latin term meaning "among the living". It usually refers to the transfer of property by agreement between living persons and not by a gift through a will. An inter-vivos gift is thus a gift made while someone is alive. An inter-vivos trust is also referred to as a living trust. Such a trust commences during the lifetime of the person (trustor or settlor) creating the trust as distinguished from a trust created by a will (testamentary trust), which comes into existence upon the death of the writer of the will.
The following is an example of a state statute dealing with inter vivos gifts:
"(a) All inter vivos gifts of assets, including but not limited to money, lands or buildings, are void if the donor is left without means of support and does not reserve for himself for life an adequate amount separate from that gift to provide for his subsistence; provided, that this section shall not apply to any gift not expressly and specifically declared void hereunder by an administrative or judicial tribunal of competent jurisdiction within the two-year period immediately following the date of the gift."
Legal Definition list
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- Ad Interim
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