Inter Vivos vs. Testamentary Trusts
An inter vivos trust takes effect immediately and can hold and manage assets during life. A testamentary trust only comes into existence after the grantor dies, through provisions in their will. Testamentary trusts must go through probate first; inter vivos trusts do not.
Why It Matters in Arizona
Most Arizona estate plans use a revocable inter vivos trust as the central document. Funded properly, it manages assets during incapacity, avoids probate at death, and keeps administration private. Irrevocable inter vivos trusts (such as ILITs and asset protection trusts) serve more specialized goals.
Arizona Trust Definitions
Arizona's fiduciary definitions in A.R.S. 14-7501 apply to trustees of inter vivos trusts the same way they apply to other Arizona trusts.