What Is An Inter Vivos Pet Trust?
After a recent tennis match, my partner asked me to describe the difference between a testamentary and an inter vivos trust.
I thought that was a strange request at that time and I inquired as to his interest. Jeff said that he was contemplating a trust for his horses and had read about the two different trust types.
I explained that the testamentary trust is created in the last will of the animal owner, springs out of, and only becomes effective upon the death of the owner.
The inter vivos trust, on the other hand, takes effect immediately and thus will be in operation prior to and when the owner dies. This type of trust can avoid all of the delay between the owner's death and the probating of the will and subsequent functioning of the trust. It is also effective in emergency or temporary situations.
Instant money may be available to provide for all of the need of your pets.
In addition, the inter vivos trust can be easily amended or changed.
The downside of the inter vivos trust is generally that is it is more costly and takes longer to prepare than the traditional trust that is included as the normal process in the estate plan.
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