Definition: This term has two distinct meanings:
- Another name for a Revocable Trust or a Revocable Living Trust.
- A revocable or irrevocable trust that is created during the Trustmaker's lifetime. Contrast this with a Testamentary Trust, which is an irrevocable trust that is created and funded after the Trustmaker dies.
Also Known As: Inter Vivos Living Trust, Irrevocable Living Trust, Revocable Trust, Revocable Living Trust