Certified Financial Planner (CFP) Practice Exam · Question
If a trust is established during the settlor's lifetime, it is known as a:
An 'inter vivos trust' (Latin for 'between living persons') is a trust created and funded by the settlor during their lifetime, as opposed to a testamentary tru
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Question: If a trust is established during the settlor's lifetime, it is known as a:
Answer options:
- Testamentary trust ✅ Inter vivos trust
- Charitable trust
- Blind trust
Correct answer: Inter vivos trust
Explanation: An 'inter vivos trust' (Latin for 'between living persons') is a trust created and funded by the settlor during their lifetime, as opposed to a testamentary trust, which is created by a will after death.
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