sometimes called an inter vivos (Latin for "within one's life") trust, a trust created
by a declaration of trust executed by the trustor or trustors (also called settlor
or settlors) during his/her/their lifetime, as distinguished from a "testamentary
trust," which is created by a will and only comes into force upon the death of the
person who wrote the will. A living trust should not be confused with a "living
will," which provides for medical care decisions when a person is terminally ill.
While a living trust is a generic name for any trust which comes into existence
during the lifetime of the person or persons creating the trust, most commonly it
is a trust in which the trustor(s) or settlor(s) receive benefit(s) from the profits
of the trust during their lifetimes, followed by a distribution upon the death of
the last trustor (settlor) to die, or the trust continues on for the benefit of
others (such as the next generation) with profits distributed to them. There are
other types of living trusts including irrevocable trust, insurance trust, charitable
remainder trust and some special- ized trusts to manage some parts of the assets
of a person or persons.
See also beach bum trust provision beneficiary inter vivos living will settlor
spendthrift clause trust trustee trustor
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