Definition: A type of revocable trust that is designed to cover three phases of the Trustmaker's life: while the Trustmaker is alive and well, if the Trustmaker becomes mentally incapacitated, and after the Trustmaker dies. Assets funded into the name of the trust during the Trustmaker's lifetime will avoid probate after the Trustmaker dies.
Also Known As: Inter Vivos Living Trust, Living Trust, Revocable Trust
