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What is the difference in a Testamentary Trust and a Living Trust?

April 26, 2017difference Living trust Testamentary Trust

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What is the difference in a Testamentary Trust and a Living Trust?

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• A. A Testamentary Trust is a type of Trust that is created by your Will. Since your Will creates this type of Trust, this type of Trust does not exist until after your death. Also, the assets placed in a Testamentary Trust must first go through probate before becoming a part of the Trust. On the other hand, a Living Trust is a type of Trust that is created during your lifetime. It is a Trust while you are alive, and is funded and fully operational during your lifetime.