As the names imply, a Revocable Living Trust exists during your lifetime whereas a Testamentary Trust becomes effective only upon your death. » Read more..
Tag Archive for testamentary trust
If some of the language in your Will or Trust seems foreign to you, you are not alone. Here’s a rundown of some commonly used terms, and a description of what they mean:
Testator (male) or Testatrix (female): This is you, if this is your Will.
Settlor or Grantor: This is you, if this is your Trust. » Read more..
Which is better – a trust written inside a Will (a Testamentary Trust), or a Revocable Living Trust? The answer depends upon your situation and preferences.
A Testamentary Trust only becomes effective upon your death, at which time the trust becomes irrevocable. A Revocable Living Trust is effective as soon as you create it during your lifetime, and is amendable and revocable until you become mentally incapacitated or die. » Read more..