Testamentary Trust
A testamentary trust does not exist during the lifetime of the settlor; rather, it springs into existence upon the death of the settlor. A testamentary trust is by its very nature irrevocable because it is created after the death of the settlor.
This brief overview of some important considerations associated with testamentary trusts is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.