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There are two primary descriptions used for trusts. Some trusts are set up during life and are called living trusts or, inter vivos. Inter vivos is a fancy legal word that means among the living. These are set up by people who are currently living and typically benefit living individuals. Testamentary trusts are set up by your “last will and testament.” These trusts take effect at the death of the person who is creating the trust. Most of these are done by the will or they could be a trust that is funded by a revocable living trust that, at the death of the initial trustor, becomes a testamentary trust. Think of estates when you hear the words testamentary trust.