Inter vivos trust, however, are legal documents created while the individual is still alive. Testamentary trusts are usually specified in the testator’s will and the estate trustee will create the trust in accordance with the testator’s instructions for the benefit of the named beneficiary. Testamentary trusts are trusts that are created following the death of the testator. WHAT ARE INTER VIVOS TRUSTS?Īn Inter vivos trust is defined as “a trust other than a testamentary trust” in the Income Tax Act (“ITA”). This article will provide some information regarding Inter Vivos Trusts, in particular Alter Ego Trusts. Although Wills are a common and useful estate planning tool, there are some other methods of estate planning which can be used in addition to, or even as a substitute to, a Will. When it comes time for estate planning, the common estate planning tools that people turn to are Wills and Power of Attorneys.
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