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Upstate Estate Law, P.C. Blog

Definition – Inter vivos versus testamentary trusts

November 10, 2009

The terms above refer to two major categories of trusts.  An inter vivos trust is a trust that was created during the lifetime of the Trust Grantor/Settlor.   A testamentary trust is set up upon the death of the Trust Grantor/Settlor, typically in a Last Will. 

Some distinctions are that an inter vivos trust may be freely revocable by the Grantor/Settlor, whereas the testamentary trust is irrevocable.  The inter vivos trust may be set up to accomplish asset management, incapacity planning, or Medicaid planning for the Settlor/Grantor.  A testamentary trust is useful to protect the Settlor/Grantor’s eventual beneficiaries from dissipating their inheritance through immaturity, creditors’ claims, divorce, and the like. 

Filed under: Estate Planning, Legal Posts, Trusts

Posted By: Christopher Miller

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