Q: What's the primary differences between a testamentary and inter vivos trust?
A: In a testimentary trust - the trustee has died. In an inter vivos trust the trustee remains alive. www.JudgeCase.com
A:
A testamentary trust is a trust which is created in a will. A testamentary trust does not go into effect until after the testator (i.e., person making the will) dies. For example, a person might execute a will leaving his property to his wife if she survives, but to a trustee for the benefit of his children if she predeceases him.
On the other hand, an inter vivos trust is a trust which is created by a person during his or her life. For example, a person might establish a trust during his life, transfer his property to the trust, and provide what happens to the property on his death. An inter vivos is sometimes used in an attempt to avoid probate.
In some situations, something can be accomplished by the use of either type of trust. In other situations, only one of these type of trusts would be appropriate to accomplish a certain purpose (e.g., an irrevocable life insurance trust, which is a type of inter vivos trust).
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