a trust created by a writing (declaration of trust) which commences at that time,
while the creator (called a trustor or settlor) is alive, sometimes called a "living
trust. " The property is then placed in trust with a trustee (often the trustor
during his/her lifetime) and distribution will take place according to the terms
of the trust-possibly both during the trustor's lifetime and then upon the trustor's
death. This is different from a testamentary trust, which is created by the terms
of a will and places some assets from the dead person's estate in a trust to exist
from the date of death and until fully distributed.
See also declaration of trust inter vivos testamentary trust trust
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