Question

at what point is an inter vivos trust considered to be funded

Answer 1

An inter vivos trust is a trust created when the grantor is still alive. It's more popularly known as "Living Trust".

An inter vivo trust is considered to be funded when the grantor transfers the ownership of the assets from himself to the trust. This is achieved by

* Physically transferring the titles of the assets in the name of the trust.

* Changing his beneficiary position in favour of the trust.

The important points :

* An inter-vivos trust is a living trust created that holds assets of a trustor.

* A benefit of an inter-vivos trust is that it helps avoid probate or the legal process of distributing the owner's assets after his or her death.

* The trustor can also be the trustee in an inter-vivos trust during their lifetime or until a backup named in the trust is allowed to take over.