What are the types of trusts that relate to wills and estate planning?
• An intervivos trust (also known as “during life” or “living” trust) is one where the trust is created by a person during her or his lifetime. An intervivos trust may be either revocable or irrevocable. • A testamentary trust arises by operation of the a person s Will at the time the person dies, when legal title passes to the Trustee, and beneficial title is vested in the beneficiaries. • A revocable trust is an intervivos trust in which the person creating the trust (called “Grantor,” “Settlor,” or “Trustor”; all mean the same thing) reserves the right to amend or revoke the trust. Under Texas law (and that of Oklahoma and California, but no other jurisdiction) any trust is revocable unless expressly made irrevocable. • An irrevocable trust is any trust for which the Grantor has no power to amend or revoke. All testamentary trusts are irrevocable since the person creating the trust has died. In jurisdictions other than Texas, Oklahoma, and California, a trust is irrevocable unless e
