Trusts 101: Living or Testamentary; Revocable or Irrevocable; Grantor and Non-Grantor – What Does All of This Mean?

Trusts are described in multiple ways, including: living or testamentary, revocable or irrevocable and grantor or non-grantor. These terms are not always mutually exclusive. A trust can be living, revocable and a grantor trust all at the same time. Other trusts can be living, irrevocable and either grantor or non-grantor. […] By: Warner Norcross + Judd
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