What are the different types of trusts?
All trusts are broadly divided into two categories – testamentary and living trusts. A testamentary trust is one that does not become active until the death of the Settlor, and which is typically triggered by a provision in the Settlor’s Last Will and Testament. A living trust, also referred to as an “inter vivos” trust, activates during the lifetime of the Settlor when all formalities of creation are complete, and the trust is funded.