Please forward this error screen to sharedip-1071802693. A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is created during the settlor’s lifetime by a trust creating a trust for property. Trusts and similar relationships have existed since Roman times.
Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners. They must provide a regular accounting of trust income and expenditures. Trustees may be compensated and be reimbursed their expenses. A trustee can be a natural person, a business entity or a public body. A trust in the United States may be subject to federal and state taxation.