What's the Difference between an Inter Vivos Trust and a Testamentary Trust?
When considering your estate plan, you have a variety of options. Particularly, if you are considering drafting a trust. The two most common types of trusts are an Inter Vivos Trust and a Testamentary Trust. The main difference between the two trusts is the timing of when they are drafted.
An Inter Vivos trust is also called a "Living Trust." This trust is drafted during the lifetime of the settlor (person who drafts the trust). A testamentary trust is a trust that is created in the settlor's will and does not take effect until after the settlor dies. Additionally, since the testamentary trust is also a part of the settlor's will, it must comply with all California's formal wills requirements.
Often times you will hear people refer to the terms Inter Vivos Trust and Testamentary trust when they are trying to distinguish the types of trusts from one another. If you have more questions about trust drafting in California you should consult with an experienced
Los Angeles estate planning lawyer.