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Jeffrie Silverberg plans to extend his joy of the New York Philharmonic's music to others through a Biennial Concert Series in honor of his father  Read a donor's testimonial
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A properly drafted revocable inter vivos trust can be a very effective lifetime management tool. The trust is established during one's lifetime and usually funded during the grantor's lifetime which means that the assets are transferred to the trust during life. The trust is revocable which means that the grantor may revoke or amend all or part of the trust.
A real value of a living trust is that any asset that passes under the terms of the trust (rather than through the will) avoids probate. In addition, real estate or tangible personal property located in a state other than the state where the grantor lives and where the grantor will be subject to probate, may be held in the trust and avoid the extra burden of a separate probate proceeding in another state.
A revocable inter vivos trust does not have to end with the grantor's demise, but may continue for the benefit of the grantor's children, grandchildren, or other beneficiaries. A successor trustee such as a bank or trust company is often appointed to serve as trustee after the grantor's death.
It is usually not possible or practical to transfer all assets to a trust during a one's lifetime. Any assets not transferred during life may be transferred at death through a "pour-over" provision in the grantor's will. This provision transfers any remaining assets to the trustee of the trust and these assets are managed as part of the corpus of the trust. Any asset that is transferred through a pour-over provision must pass through probate.
