A non-testamentary trust also referred to as a living trust, becomes effective when the trust is signed and notarized, and the property is funded or transferred to the trust. These types of trusts are referred to as “living” trusts or “inter vivos” trusts because they essentially go into effect immediately, while the trustor is still living. A living trust can also be created as either revocable or irrevocable, depending on the purpose of the trust.
In contrast, a testamentary trust will not become effective until the death of the trustor and, at that point, it becomes irrevocable. Being irrevocable means, it cannot be modified or canceled. However, since the trust does not take effect until after death, the trustor is able to modify the terms of the trust at any point during his lifetime. Our living trust attorney can advise you about your choices.