What is an intervivos trust also known as?

An intervivos trust is commonly known as a living trust. This type of trust is created during a person's lifetime ("inter vivos" is a Latin term meaning "between the living") and allows the individual to manage and control their assets while they are alive. One of the primary benefits of a living trust is that it can help avoid probate, allowing for a more streamlined transfer of assets to beneficiaries upon the trust creator's death.

Living trusts can be revocable or irrevocable, depending on the terms set by the trust creator. A revocable living trust allows the creator to make changes or dissolve the trust at any time, while an irrevocable living trust typically cannot be altered once established. However, both fall under the broader definition of a living trust, which is why it's recognized as synonymous with an intervivos trust.

Understanding the concept of living trusts is essential in real estate and estate planning, as they play a crucial role in asset distribution and management. The term "testamentary trust," in contrast, refers to a trust created through a will that only becomes effective upon the death of the person who created it. A general partnership is unrelated to trusts and pertains more to business arrangements. An irrevocable trust is more specific and does not capture the