Investopedia / Danie Drankwalter A testamentary trust is a trust that is established by with the instructions contained in a last will and testament. A trust is a fiduciary relationship that ...

See forests and trees and transitive trust. THIS DEFINITION IS FOR PERSONAL USE ONLY. All other reproduction requires permission.

Thomas Barwick / Getty Images An inter-vivos trust, or a living trust, enables a trustee to manage the trust's assets while the person who created the trust (the trustor) is still alive.