The term is often used to describe a trust established during one's lifetime, i.e., an Inter vivos trust as opposed to a Testamentary trust which is established on one's death, usually as part of a will. An Inter vivos trust is often used synonymously with the more common term Living trust, but an Inter vivos trust, by definition, includes both revocable and irrevocable trust, whereas Living trusts typically refer only to revocable trusts.
Tenancy by the entirety gets a boost: spouses no longer must choose between the protection against creditors provided by tenancy by the entirety and the estate-planning advantages of a revocable inter vivos trust.(Illinois)
Sep 01, 2010; Effective January 1, 2011, House Bill 5282 is now PA 96-1145. The new law, says Lisle lawyer Neil Goltermann of Momkus McCluskey...