What is the difference between a testamentary trust and an inter vivos trust.A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.A testamentary trust is created by a will; an inter vivos trust is created by a living individual.A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party.A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.

Testamentary trust: A testamentary trust is a trust that is made in the lifetime of the grantor but…

Answered: What is the difference between a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the difference between a testamentary trust and an inter vivos trust.

A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.
A testamentary trust is created by a will; an inter vivos trust is created by a living individual.
A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party.
A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.

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