Definition of LIFETIME TRUST: (noun) / a trust not created by a will
Plain English translation: A lifetime trust is a trust created during a person’s lifetime as opposed to a trust created through the person’s will, which is referred to as a testamentary trust.
A lifetime trust directs the distribution of property during both the grantor’s lifetime and after death. Any person who is over the age of eighteen years old may create a lifetime trust. Additionally, in New York, a lifetime trust is deemed irrevocable unless it expressly provides that it is revocable.
