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" ... A living trust, also known as an inter vivos trust, is one created during the trustor’s lifetime. A testamentary trust is created in the trustor’s last will and testament. ... "
" ... A revocable trust, frequently referred to as a “living trust,” is an inter vivos trust, which simply means it is created during one’s lifetime, as contrasted to a “testamentary trust” which is created upon death through a will. The revocable trust is a legal document and generally is drafted concurrently with one’s will and ancillary estate documents. A revocable trust, similar to a will, details dispositive provisions upon death, successor and co-trustees, and other provisions. Upon the grantor’s passing the revocable trust functions much like a will. ... "
" ... As part of my professional practice it is unusual for me not to recommend incorporating one or more trusts into my financial and estate planning. As a basic example, rarely would parents want children to receive an inheritance at 18 years – the most common age under state law --should both parents pass prematurely. They would want their will to create a trust to hold and manage their assets until the children reach certain ages. A trust created under the provisions of one’s will is known as “testamentary” trusts; very often we create trusts during one’s lifetime, called “intro vivos” trusts. ... "
" ... One of the more common techniques is to name a trust with a “spendthrift provision” and other protective clauses as the beneficiary of your assets. These types of trusts, often referred to as an Asset Protection Trust, can be created currently (inter vivos) or upon death through your will or testamentary. Under this type of arrangement, generally, the trustee or trustees are given broad discretionary powers to provide beneficiaries with funds – income and/or principal – to maintain their lifestyle, without allowing them direct access to the principal. For example, Mom and Dad can establish a trust for the benefit of a child who spends injudiciously and shows signs of being financially irresponsible. ... "
" ... · Lifetime trust – A trust created during your life; may also be called an inter vivos trust ... "