Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 44

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