How does a living trust differ from a testamentary trust?

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How does a living trust differ from a testamentary trust?

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A testamentary trust is any trust created in a last will. By definition, a testamentary trust must go through probate, is only effective after your death, and is irrevocable. On the other hand, a living trust avoids probate, becomes effective during your lifetime, and is revocable during your life. A living trust is also sometimes known as a revocable grantor trust.

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