What is an Inter Vivos Trust?
An Inter Vivos Trust
is a Trust you set up while you’re alive. This type of Trust is different to a Testamentary Trust, which is a Trust that comes into effect on your passing.
An Inter Vivos Trust is a useful estate planning tool. It can eliminate many uncertainties over the administration of your estate, and can maximise the value of your estate by reducing taxes and other expenses.
The three main benefits of setting up an Inter Vivos Trust
There are a number of benefits that come with setting up an Inter Vivos Trust. Here are the main three…
In the event of divorce, insolvency or disability, an Inter Vivos Trust protects your assets from creditors.
By using an Inter Vivos Trust as part of your estate planning, you can achieve this.
By setting up an Inter Vivos Trust, it’s easier to allow for your estate to pass onto your beneficiaries. This includes tax saving opportunities.
If you don’t have an Inter Vivos Trust in place and you pass on, your assets are frozen. With an Inter Vivos Trust in place, your family will only have to wait a short period of time to access the assets. A new Trustee to replace you is all that’s required, which takes about three weeks to sort out.
An Inter Vivos Trust minimises many taxes that incur on your assets when you pass on. This is because a Trust separates you from your assets.
So there you have it. Why you should consider setting up an Inter Vivos Trust.
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