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What are the different types of trusts?

April 26, 2017different trusts types

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What are the different types of trusts?

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There are two main categories of trusts: testamentary trusts and inter vivos trusts. An inter vivos trust is a trust created during the lifetime of the settlor and takes effect the date the trust instrument is signed. A living trust is a type of inter vivos trust. A testamentary trust is created in a Will and becomes effective upon the death of the testator.