Testamentary trusts, by comparison, are fixed once the grantor passes away, providing less flexibility. Any changes would require legal proceedings, which can be cumbersome and costly.

There are two basic types of trusts: living trusts and testamentary trusts. A living trust or an "inter-vivos" trust is set up during the person's lifetime. A Testamentary trust is set up in a ...

Each trust falls into six broad categories: living or testamentary, funded or unfunded, revocable or irrevocable. Investopedia / Paige McLaughlin A trustor creates a trust with the help of an ...

Irrevocable trusts come in two forms: living trusts and testamentary trusts. A living trust, which is also known as an inter vivos (Latin for "between the living") trust, is originated and funded ...

A revocable trust is created during an individual’s lifetime, and it can be changed at any time in that lifetime. A testamentary trust is created as part of a will. Neither trust need be funded ...